{"id":8214,"date":"2026-01-26T10:12:28","date_gmt":"2026-01-26T18:12:28","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8214"},"modified":"2026-08-07T11:48:41","modified_gmt":"2026-08-07T18:48:41","slug":"q4-2025-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/01\/26\/q4-2025-industrial-market-report\/","title":{"rendered":"Q4 2025 Pacific Northwest Industrial Market Report"},"content":{"rendered":"<div id=\"pl-8214\"  class=\"panel-layout\" ><div id=\"pg-8214-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8214-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8214-0-0-0\" 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-dbf295114b96-8214\"\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-8214-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8214-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-8214-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-8214\"\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-8214-0-1-1\" 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>Puget Sound\u2019s fourth quarter industrial market reflected a cautious equilibrium. Rental rate growth remained largely flat as demand focused on existing occupancies rather than expansion. Approximately 80% of executed deal volume consisted of renewals, driven by landlords aggressively pursuing early extensions to proactively manage rising vacancy. Tenants continued to leverage elevated availability and intense competition to secure meaningful concessions, including eight to twelve months of base rent abatement on 60-month renewals, often structured within the deal term. Big-box sublease space continues to slowly burn off, yet provides compelling short-term solutions for contract driven 3PL users. Meanwhile, developers delivering the newest Class A product remain firm on rate expectations, competing for a shrinking pool of tenant requirements.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-8214-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-8214-0-2-0\" 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-c4f6304fc136-8214\"\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\/2026\/01\/2025-Q4-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\/2026\/01\/Q4-2025-Market-Report-Screenshot.png\" width=\"456\" height=\"586\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/Q4-2025-Market-Report-Screenshot.png 456w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/Q4-2025-Market-Report-Screenshot-233x300.png 233w\" sizes=\"(max-width: 456px) 100vw, 456px\" title=\"Q4 2025 Market Report Screenshot\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-8214-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-8214-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-8214\"\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\/2026\/01\/2025-Q4-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-8214-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8214-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-8214-1-0-0\" 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-8214-1-0-0\" ><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>Q4 2025<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2025<\/strong><\/td>\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>Q3 2025<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2025<\/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\">\u2191\u00a0\u00a0 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(910,374)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(1,041,157)<\/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\">(1,041,157)<\/td>\n<td style=\"width: 14%;text-align: center;height: 35px\" width=\"151\">(1,377,305)<\/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\">9.30%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">8.79%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">8.60%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">8.79%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">8.60%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Avg NNN Asking Rate PSF (Annual)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.67<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$15.50<\/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\">$15.50<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$14.47<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2191\u00a0 Sale Price PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$246.00<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$237.00<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$224.45<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$237.00<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$224.45<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2193 Cap Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.80%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.85%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.60%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.85%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.60%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 26px;text-align: left\" width=\"233\">\u2193 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">3,616,267<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">5,487,421<\/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\">5,487,421<\/td>\n<td style=\"width: 14%;text-align: center;height: 26px\" width=\"151\">5,413,360<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 31px;text-align: left\" width=\"233\">\u2191 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">367,996,015<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">365,023,177<\/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\">365,023,177<\/td>\n<td style=\"width: 14%;text-align: center;height: 31px\" width=\"151\">365,958,421<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-8214-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8214-1-1-0\" 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-708a38a4b005-8214\"\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-8214-1-1-1\" 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-8214\"\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-8214-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-8214-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-8214-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-8214-2-1-0\" 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-f8de89738f31-8214\"\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\/2026\/01\/2025-Q4-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-8214-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-8214-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Puget Sound\u2019s fourth quarter industrial market reflected a cautious equilibrium. Rental rate growth remained largely flat as demand focused on existing occupancies rather than expansion. Approximately 80% of executed deal volume consisted of renewals, driven by landlords aggressively pursuing early extensions to proactively manage rising vacancy. Tenants continued to leverage elevated availability and intense competition to secure meaningful concessions, including eight to twelve months of base rent abatement on 60-month renewals, often structured within the&#8230;<\/p>\n","protected":false},"author":244,"featured_media":8216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1110],"class_list":["post-8214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-billy-moultrie"],"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>Q4 2025 Pacific Northwest 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\/2026\/01\/26\/q4-2025-industrial-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q4 2025 Pacific Northwest Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"Puget Sound\u2019s fourth quarter industrial market reflected a cautious equilibrium. Rental rate growth remained largely flat as demand focused on existing occupancies rather than expansion. Approximately 80% of executed deal volume consisted of renewals, driven by landlords aggressively pursuing early extensions to proactively manage rising vacancy. Tenants continued to leverage elevated availability and intense competition to secure meaningful concessions, including eight to twelve months of base rent abatement on 60-month renewals, often structured within the...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2026\/01\/26\/q4-2025-industrial-market-report\/\" \/>\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=\"2026-01-26T18:12:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T18:48:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/01\/Industrial-Website-Post.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1039\" \/>\n\t<meta property=\"og:image:height\" content=\"705\" \/>\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\\\/2026\\\/01\\\/26\\\/q4-2025-industrial-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/01\\\/26\\\/q4-2025-industrial-market-report\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q4 2025 Pacific Northwest Industrial Market Report\",\"datePublished\":\"2026-01-26T18:12:28+00:00\",\"dateModified\":\"2026-08-07T18:48:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/01\\\/26\\\/q4-2025-industrial-market-report\\\/\"},\"wordCount\":470,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/01\\\/26\\\/q4-2025-industrial-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2026\\\/01\\\/Industrial-Website-Post.png\",\"keywords\":[\"billy moultrie\"],\"articleSection\":[\"Industrial\",\"Market Report\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/01\\\/26\\\/q4-2025-industrial-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2026\\\/01\\\/26\\\/q4-2025-industrial-market-report\\\/\",\"name\":\"Q4 2025 Pacific Northwest Industrial Market Report - Lee &amp; 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