{"id":8489,"date":"2026-04-23T15:07:17","date_gmt":"2026-04-23T22:07:17","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=8489"},"modified":"2026-07-07T13:18:48","modified_gmt":"2026-07-07T20:18:48","slug":"q1-2026-expanded-puget-sound-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/04\/23\/q1-2026-expanded-puget-sound-industrial-market-report\/","title":{"rendered":"Q1 2026 Expanded Puget Sound Industrial Market Report"},"content":{"rendered":"
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\n\t\t\t\n\t\t\t\"March\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\tINDUSTRIAL MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div>
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\n\t

Puget Sound\u2019s industrial market opened 2026 in continued recalibration as it digests prior supply. 12-month net absorption fell to (1.69M SF) from (910K SF) in Q4, pushing vacancy up to 9.71% from 9.3%, reflecting slower expansion and ongoing delivery absorption rather than a demand break. Asking rents equate to ~$1.23 PSF\/month ($14.72 PSF annually), while cap rates edged up to 5.85% and sales pricing softened to $243.90 PSF amid continued repricing. Tenants retain meaningful leverage given elevated availability, driving continued concessions and flexible deal structures as landlords compete for occupancy. Construction slowed to 2.5M SF from 3.6M SF, while inventory reached 369.2M SF. Overall, the market remains in controlled digestion, with pricing adjusting and conditions gradually stabilizing.<\/p>\n<\/div>\n<\/div><\/div><\/div>

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\n\t\t\t\n\t\t\t\"Puget\n\t\t\t<\/a><\/div>\n\n<\/div><\/div>
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\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>
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\n\t\t\t\n\t\t\t\"Puget\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div>
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\n\t\n\n\n\n\n\n\n\n
\u25b2<\/td>\n(1,102,601) SF<\/strong>
\nNet Absorption<\/td>\n<\/tr>\n
\u25b2<\/td>\n9.10%<\/strong>
\nVacancy Rate<\/td>\n<\/tr>\n
\u25bc<\/td>\n4,788,096 SF<\/strong>
\nUnder Construction
\n(Details on Page 9 of Report)<\/td>\n<\/tr>\n
\u25b2<\/td>\n463,856,776 SF<\/strong>
\nInventory SF<\/td>\n<\/tr>\n
\u25bc<\/td>\n$12.96 PSF<\/strong>
\nAverage Market Rent \/ SF
\n(1.08\/SF Average Monthly Rent)<\/td>\n<\/tr>\n
\u25bc<\/td>\n$381,609,547<\/strong>
\nSales Volume<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div><\/div><\/div><\/div>
<\/div>
\n\t\t\t\n\t\t\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>
<\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Puget Sound\u2019s industrial market opened 2026 in continued recalibration as it digests prior supply. 12-month net absorption fell to (1.69M SF) from (910K SF) in Q4, pushing vacancy up to 9.71% from 9.3%, reflecting slower expansion and ongoing delivery absorption rather than a demand break. Asking rents equate to ~$1.23 PSF\/month ($14.72 PSF annually), while cap rates edged up to 5.85% and sales pricing softened to $243.90 PSF amid continued repricing. Tenants retain meaningful leverage…<\/p>\n","protected":false},"author":244,"featured_media":8491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1112,1110,1174,1102,1109,1173,1154,1149,1137,1111,1144,1171,1145,1117,1108,1122],"class_list":["post-8489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-andrew-hull","tag-billy-moultrie","tag-chester-march","tag-chris-peterson","tag-christian-mattson","tag-cole-soreano","tag-john-brussa","tag-justin-froelich","tag-market-report","tag-richard-peterson","tag-ryan-aleinikoff","tag-scott-hill","tag-scotty-rowe","tag-sean-durkin","tag-vanessa-herzog","tag-zane-shiras"],"yoast_head":"\nQ1 2026 Expanded Puget Sound Industrial Market Report - Lee & 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\/04\/23\/q1-2026-expanded-puget-sound-industrial-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2026 Expanded Puget Sound Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"Puget Sound\u2019s industrial market opened 2026 in continued recalibration as it digests prior supply. 12-month net absorption fell to (1.69M SF) from (910K SF) in Q4, pushing vacancy up to 9.71% from 9.3%, reflecting slower expansion and ongoing delivery absorption rather than a demand break. 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