{"id":7155,"date":"2025-04-21T13:19:47","date_gmt":"2025-04-21T20:19:47","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7155"},"modified":"2026-07-07T13:22:01","modified_gmt":"2026-07-07T20:22:01","slug":"q1-2025-industrial-market-report-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/21\/q1-2025-industrial-market-report-2\/","title":{"rendered":"Q1 2025 Industrial Market Report"},"content":{"rendered":"<div id=\"pl-7155\"  class=\"panel-layout\" ><div id=\"pg-7155-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7155-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7155-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-7155\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-nw.com\/industrial\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial-768x519.png\" width=\"768\" height=\"519\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial-768x519.png 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial-300x203.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Industrial.png 800w\" sizes=\"(max-width: 768px) 100vw, 768px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-7155-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7155-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-7155-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-7155\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h3 class=\"sow-sub-headline\">\n\t\t\t\t\t\t<strong>INDUSTRIAL MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-7155-0-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The Pacifi c Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the fi rst quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no signifi cant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with uncertainty in economic conditions, highlighting some hesitation with how 2025 will unfold. We continue to signal cautious optimism as the market adapts to shifting economic conditions - perhaps highlighted through the drop 0.40% drop in the Cap Rate average compared to the Q4 2024.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7155-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7155-0-2-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c4f6304fc136-7155\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-Pacific-Northwest-WA-Industrial.pdf\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo.jpg\" width=\"385\" height=\"497\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo.jpg 385w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo-232x300.jpg 232w\" sizes=\"(max-width: 385px) 100vw, 385px\" title=\"National Report Cover Photo\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-7155-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7155-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-7155\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-sub-headline\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-Pacific-Northwest-WA-Industrial.pdf\" >\n\t\t\t\t\t\t\t\tDownload Market Report to View More Details<\/a>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-7155-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7155-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7155-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><div class=\"blueTable panel-widget-style panel-widget-style-for-7155-1-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<table class=\"blueTable aligncenter\" style=\"height: 385px;width: 101.268%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 30%;height: 48px\">MARKET INDICATORS<\/th>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2025<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2024<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">2,096,803<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,287,759)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(3,243,430)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,142,214)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(2,688,054)<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.60%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">8.00%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.80%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.38%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">7.20%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Avg NNN Asking Rate PSF (Annual)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.30<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.36<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.26<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.82<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.85<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 30%;text-align: left\">\u2191\u00a0 Sale Price PSF<\/td>\n<td style=\"width: 14%;text-align: center\">$233.00<\/td>\n<td style=\"width: 14%;text-align: center\">$215.11<\/td>\n<td style=\"width: 14%;text-align: center\">$238.00<\/td>\n<td style=\"width: 14%;text-align: center\">$224.11<\/td>\n<td style=\"width: 14%;text-align: center\">$289.67<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 30%;text-align: left\">\u2193\u00a0 Cap Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center\">5.80%<\/td>\n<td style=\"width: 14%;text-align: center\">6.20%<\/td>\n<td style=\"width: 14%;text-align: center\">5.72%<\/td>\n<td style=\"width: 14%;text-align: center\">5.50%<\/td>\n<td style=\"width: 14%;text-align: center\">5.80%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2193\u00a0 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">5,741,878<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">5,817,103<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">10,910,795<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">11,400,000<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">6,713,709<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">364,699,678<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">363,502,423<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">362,293,871<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">360,036,235<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">355,266,605<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7155-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7155-1-1-0\" class=\"so-panel widget widget_sow-button panel-first-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-708a38a4b005-7155\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/research-2\/\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW LOCAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-7155-1-1-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-23b98baa442f-7155\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-associates.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW NATIONAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-7155-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7155-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7155-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7155-2-1-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-f8de89738f31-7155\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-Pacific-Northwest-WA-Industrial.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" target=\"_blank\" rel=\"noopener noreferrer\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tCLICK FOR MORE DETAILS FROM THIS REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7155-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-7155-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The Pacifi c Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the fi rst quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no signifi cant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1102,1137],"class_list":["post-7155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-chris-peterson","tag-market-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q1 2025 Industrial Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/21\/q1-2025-industrial-market-report-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2025 Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"The Pacifi c Northwest industrial market is showing signs of improvement in Q1 2025. Net absorption was strong in the fi rst quarter, which helped to push the vacancy rate down to 7.60%, which was nearly half a point higher in Q4 2024. However, average annual NNN asking rates remain steady with no signifi cant change at $14.30 per square foot. Deliveries in the market were limited, and several projects continue to delay start with...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/21\/q1-2025-industrial-market-report-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-21T20:19:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:22:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/Industrial-Q1-2025.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"924\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"sthomson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sthomson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-industrial-market-report-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-industrial-market-report-2\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q1 2025 Industrial Market Report\",\"datePublished\":\"2025-04-21T20:19:47+00:00\",\"dateModified\":\"2026-07-07T20:22:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-industrial-market-report-2\\\/\"},\"wordCount\":464,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-industrial-market-report-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/04\\\/Industrial-Q1-2025.jpg\",\"keywords\":[\"chris peterson\",\"market report\"],\"articleSection\":[\"Industrial\",\"Market Report\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-industrial-market-report-2\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/04\\\/21\\\/q1-2025-industrial-market-report-2\\\/\",\"name\":\"Q1 2025 Industrial Market Report - Lee &amp; 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