{"id":7496,"date":"2025-07-22T10:27:46","date_gmt":"2025-07-22T17:27:46","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7496"},"modified":"2026-07-07T13:21:09","modified_gmt":"2026-07-07T20:21:09","slug":"q2-2025-industrial-market-report-2-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/","title":{"rendered":"Q2 2025 Industrial Market Report"},"content":{"rendered":"<div id=\"pl-7496\"  class=\"panel-layout\" ><div id=\"pg-7496-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7496-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7496-0-0-0\" 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-dbf295114b96-7496\"\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-7496-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7496-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-7496-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-7496\"\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-7496-0-1-1\" 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 Pacific Northwest industrial market saw renewed volatility in Q2, with net absorption turning negative at -1.38 million SF and vacancy rising to 8.6%-a one-year high. Despite weaker tenant demand, average annual NNN rents increased to $14.47\/SF, reflecting landlord confidence or pricing discipline for newer assets. Sale prices declined to $224.45\/SF from $233.00 in Q1, indicating recalibrated investor expectations.<br \/>\nWhile macroeconomic uncertainty and rising vacancies persist, long-term industrial fundamentals remain strong. Overlaying this is a historic U.S. trade deficit contraction, driven by falling imports and record exports. This shift complicates logistics but may benefit the region\u2019s export-driven base and support industrial leasing in the year\u2019s second half.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7496-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7496-0-2-0\" 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-c4f6304fc136-7496\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/2025-Q2-Pacific-Northwest-WA-Industrial.pdf\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Q2-National-Report-Cover.jpg\" width=\"481\" height=\"622\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Q2-National-Report-Cover.jpg 481w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Q2-National-Report-Cover-232x300.jpg 232w\" sizes=\"(max-width: 481px) 100vw, 481px\" title=\"Q2 National Report\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-7496-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7496-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-7496\"\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=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/2025-Q2-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-7496-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7496-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7496-1-0-0\" 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-7496-1-0-0\" ><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: 236px;width: 102.289%\">\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>Q2 2025<\/strong><\/td>\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<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 35px;text-align: left\" width=\"233\">\u2193\u00a0 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(1,377,305)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">2,096,803<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(2,287,759)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(3,243,430)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(2,142,214)<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">8.60%<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0\u00a0 Avg NNN Asking Rate PSF (Annual)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.47<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2193\u00a0 Sale Price PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$224.45<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$233.00<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$215.11<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$238.00<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$224.11<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2193\u00a0 Cap Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.60%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.80%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.20%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.72%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.50%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 26px;text-align: left\" width=\"233\">\u2193\u00a0 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">5,413,360<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">5,741,878<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">5,817,103<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">10,910,795<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">11,400,000<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 31px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">365,958,421<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">364,699,678<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">363,502,423<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">362,293,871<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">360,036,235<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7496-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7496-1-1-0\" 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-708a38a4b005-7496\"\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-7496-1-1-1\" 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-7496\"\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-7496-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7496-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7496-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7496-2-1-0\" 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-f8de89738f31-7496\"\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\/wp-content\/uploads\/sites\/74\/2025\/07\/2025-Q2-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-7496-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-7496-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The Pacific Northwest industrial market saw renewed volatility in Q2, with net absorption turning negative at -1.38 million SF and vacancy rising to 8.6%-a one-year high. Despite weaker tenant demand, average annual NNN rents increased to $14.47\/SF, reflecting landlord confidence or pricing discipline for newer assets. Sale prices declined to $224.45\/SF from $233.00 in Q1, indicating recalibrated investor expectations. While macroeconomic uncertainty and rising vacancies persist, long-term industrial fundamentals remain strong. Overlaying this is a&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1109,1137],"class_list":["post-7496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-christian-mattson","tag-market-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 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\/07\/22\/q2-2025-industrial-market-report-2-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2025 Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"The Pacific Northwest industrial market saw renewed volatility in Q2, with net absorption turning negative at -1.38 million SF and vacancy rising to 8.6%-a one-year high. Despite weaker tenant demand, average annual NNN rents increased to $14.47\/SF, reflecting landlord confidence or pricing discipline for newer assets. Sale prices declined to $224.45\/SF from $233.00 in Q1, indicating recalibrated investor expectations. While macroeconomic uncertainty and rising vacancies persist, long-term industrial fundamentals remain strong. Overlaying this is a...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/\" \/>\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=\"2025-07-22T17:27:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:21:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Industrial-Q2-2025.png\" \/>\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\/png\" \/>\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\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q2 2025 Industrial Market Report\",\"datePublished\":\"2025-07-22T17:27:46+00:00\",\"dateModified\":\"2026-07-07T20:21:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/\"},\"wordCount\":461,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/07\\\/Industrial-Q2-2025.png\",\"keywords\":[\"christian mattson\",\"market report\"],\"articleSection\":[\"Industrial\",\"Market Report\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/\",\"name\":\"Q2 2025 Industrial Market Report - Lee &amp; Associates Pacific Northwest\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/07\\\/Industrial-Q2-2025.png\",\"datePublished\":\"2025-07-22T17:27:46+00:00\",\"dateModified\":\"2026-07-07T20:21:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/07\\\/Industrial-Q2-2025.png\",\"contentUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/07\\\/Industrial-Q2-2025.png\",\"width\":924,\"height\":627},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/07\\\/22\\\/q2-2025-industrial-market-report-2-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Q2 2025 Industrial Market Report\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#website\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/\",\"name\":\"Lee &amp; Associates Pacific Northwest\",\"description\":\"Serving Puget Sound and Greater Washington\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\",\"name\":\"Lee & Associates Commercial Real Estate Services, LLC\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2022\\\/06\\\/2017_Lee_Logo_Full-Color.png\",\"contentUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2022\\\/06\\\/2017_Lee_Logo_Full-Color.png\",\"width\":1160,\"height\":521,\"caption\":\"Lee & Associates Commercial Real Estate Services, LLC\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/nwleeassociates\\\/\",\"https:\\\/\\\/x.com\\\/NWLeeAssociates\",\"https:\\\/\\\/www.instagram.com\\\/leeassociatesnw\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\",\"name\":\"sthomson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/3d56615cf65d22dd8974d19ec4a500ed96d0099c9e1cd8122ba18d99c81f2370?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/3d56615cf65d22dd8974d19ec4a500ed96d0099c9e1cd8122ba18d99c81f2370?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/3d56615cf65d22dd8974d19ec4a500ed96d0099c9e1cd8122ba18d99c81f2370?s=96&d=mm&r=g\",\"caption\":\"sthomson\"},\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/author\\\/sthomson\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Q2 2025 Industrial Market Report - Lee &amp; Associates Pacific Northwest","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/","og_locale":"en_US","og_type":"article","og_title":"Q2 2025 Industrial Market Report","og_description":"The Pacific Northwest industrial market saw renewed volatility in Q2, with net absorption turning negative at -1.38 million SF and vacancy rising to 8.6%-a one-year high. Despite weaker tenant demand, average annual NNN rents increased to $14.47\/SF, reflecting landlord confidence or pricing discipline for newer assets. Sale prices declined to $224.45\/SF from $233.00 in Q1, indicating recalibrated investor expectations. While macroeconomic uncertainty and rising vacancies persist, long-term industrial fundamentals remain strong. Overlaying this is a...","og_url":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/","og_site_name":"Lee &amp; Associates Pacific Northwest","article_publisher":"https:\/\/www.facebook.com\/nwleeassociates\/","article_published_time":"2025-07-22T17:27:46+00:00","article_modified_time":"2026-07-07T20:21:09+00:00","og_image":[{"width":924,"height":627,"url":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Industrial-Q2-2025.png","type":"image\/png"}],"author":"sthomson","twitter_card":"summary_large_image","twitter_creator":"@NWLeeAssociates","twitter_site":"@NWLeeAssociates","twitter_misc":{"Written by":"sthomson","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#article","isPartOf":{"@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/"},"author":{"name":"sthomson","@id":"https:\/\/www.lee-associates.com\/northwest\/#\/schema\/person\/931b1b7e88eab37109aec4c62a449a56"},"headline":"Q2 2025 Industrial Market Report","datePublished":"2025-07-22T17:27:46+00:00","dateModified":"2026-07-07T20:21:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/"},"wordCount":461,"publisher":{"@id":"https:\/\/www.lee-associates.com\/northwest\/#organization"},"image":{"@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Industrial-Q2-2025.png","keywords":["christian mattson","market report"],"articleSection":["Industrial","Market Report"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/","url":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/","name":"Q2 2025 Industrial Market Report - Lee &amp; Associates Pacific Northwest","isPartOf":{"@id":"https:\/\/www.lee-associates.com\/northwest\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#primaryimage"},"image":{"@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Industrial-Q2-2025.png","datePublished":"2025-07-22T17:27:46+00:00","dateModified":"2026-07-07T20:21:09+00:00","breadcrumb":{"@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#primaryimage","url":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Industrial-Q2-2025.png","contentUrl":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/07\/Industrial-Q2-2025.png","width":924,"height":627},{"@type":"BreadcrumbList","@id":"https:\/\/www.lee-associates.com\/northwest\/2025\/07\/22\/q2-2025-industrial-market-report-2-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.lee-associates.com\/northwest\/"},{"@type":"ListItem","position":2,"name":"Q2 2025 Industrial Market Report"}]},{"@type":"WebSite","@id":"https:\/\/www.lee-associates.com\/northwest\/#website","url":"https:\/\/www.lee-associates.com\/northwest\/","name":"Lee &amp; Associates Pacific Northwest","description":"Serving Puget Sound and Greater Washington","publisher":{"@id":"https:\/\/www.lee-associates.com\/northwest\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lee-associates.com\/northwest\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.lee-associates.com\/northwest\/#organization","name":"Lee & Associates Commercial Real Estate Services, LLC","url":"https:\/\/www.lee-associates.com\/northwest\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.lee-associates.com\/northwest\/#\/schema\/logo\/image\/","url":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2022\/06\/2017_Lee_Logo_Full-Color.png","contentUrl":"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2022\/06\/2017_Lee_Logo_Full-Color.png","width":1160,"height":521,"caption":"Lee & Associates Commercial Real Estate Services, LLC"},"image":{"@id":"https:\/\/www.lee-associates.com\/northwest\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/nwleeassociates\/","https:\/\/x.com\/NWLeeAssociates","https:\/\/www.instagram.com\/leeassociatesnw"]},{"@type":"Person","@id":"https:\/\/www.lee-associates.com\/northwest\/#\/schema\/person\/931b1b7e88eab37109aec4c62a449a56","name":"sthomson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/3d56615cf65d22dd8974d19ec4a500ed96d0099c9e1cd8122ba18d99c81f2370?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/3d56615cf65d22dd8974d19ec4a500ed96d0099c9e1cd8122ba18d99c81f2370?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d56615cf65d22dd8974d19ec4a500ed96d0099c9e1cd8122ba18d99c81f2370?s=96&d=mm&r=g","caption":"sthomson"},"url":"https:\/\/www.lee-associates.com\/northwest\/author\/sthomson\/"}]}},"_links":{"self":[{"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/posts\/7496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/users\/244"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/comments?post=7496"}],"version-history":[{"count":3,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/posts\/7496\/revisions"}],"predecessor-version":[{"id":7499,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/posts\/7496\/revisions\/7499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/media\/7502"}],"wp:attachment":[{"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/media?parent=7496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/categories?post=7496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lee-associates.com\/northwest\/wp-json\/wp\/v2\/tags?post=7496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}