{"id":9364,"date":"2026-11-04T13:28:41","date_gmt":"2026-11-04T21:28:41","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=9364"},"modified":"2026-11-04T13:28:42","modified_gmt":"2026-11-04T21:28:42","slug":"q3-2026-industrial-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2026\/11\/04\/q3-2026-industrial-market-report\/","title":{"rendered":"Q3 2026 Industrial Market Report"},"content":{"rendered":"<div id=\"pl-9364\"  class=\"panel-layout\" ><div id=\"pg-9364-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9364-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9364-0-0-0\" 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-c4f6304fc136-9364\"\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\/11\/2026-Q3-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\/07\/Cover-Page.png\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/07\/Cover-Page.png 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/07\/Cover-Page-232x300.png 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" title=\"Cover Page\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-9364-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-9364-0-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-9364-0-1-0\" ><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<div id=\"panel-38137-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"0\">\n<div class=\"panel-widget-style panel-widget-style-for-38137-0-0-0\">\n<div class=\"so-widget-sow-editor so-widget-sow-editor-base\">\n<div class=\"siteorigin-widget-tinymce textwidget\">\n<h2>INDUSTRIAL MARKET OVERVIEW<\/h2>\n<p>Puget Sound\u2019s industrial market showed signs of improved demand in Q3, though vacancy continued to edge higher. Twelve-month net absorption improved to (1.67M SF) from (2.78M SF) in Q2, while vacancy rose to 10.35% from 10.30%, reflecting continued availability across the market. Average NNN asking rents increased to $15.06 PSF annually, and sales pricing rebounded to $221.76 PSF from $198.96. Cap rates compressed to 5.36% from 6.65%, while construction slowed to 1.35M SF from 1.88M SF. Inventory reached 369.76M SF. Tenants retain leverage as landlords compete for occupancy. Overall, absorption improved and new development moderated, though elevated vacancy continues to shape market conditions.<\/p>\n<p><a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/11\/2026-Q3-Pacific-Northwest-WA-Industrial.pdf\">READ MORE &gt;<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-9364-0-1-1\" class=\"so-panel widget widget_sow-button\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-b2e721af0909-9364\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-left\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/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\tNATIONAL REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-9364-0-1-2\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-c4c46ef2d678-9364\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-left\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/commercial-real-estate-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\tRESEARCH ARCHIVE\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-9364-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9364-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-9364-1-0-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-88f4b320eb99-9364\"\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\/11\/2026-Q3-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\tFULL REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-9364-1-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9364-1-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-9364-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-9364-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-9364-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9364-2-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-9364-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-9364-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>INDUSTRIAL MARKET OVERVIEW Puget Sound\u2019s industrial market showed signs of improved demand in Q3, though vacancy continued to edge higher. Twelve-month net absorption improved to (1.67M SF) from (2.78M SF) in Q2, while vacancy rose to 10.35% from 10.30%, reflecting continued availability across the market. Average NNN asking rents increased to $15.06 PSF annually, and sales pricing rebounded to $221.76 PSF from $198.96. Cap rates compressed to 5.36% from 6.65%, while construction slowed to 1.35M&#8230;<\/p>\n","protected":false},"author":183,"featured_media":9366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1084,1136],"tags":[1137,1186,1187],"class_list":["post-9364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-market-report","tag-market-report","tag-multifamily","tag-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.8 (Yoast SEO v28.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q3 2026 Industrial Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"description\" content=\"Read the Q3 2026 Puget Sound Market Report with expert analysis of office, industrial, multifamily, and retail commercial real estate trends.\" \/>\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\/11\/04\/q3-2026-industrial-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2026 Industrial Market Report\" \/>\n<meta property=\"og:description\" content=\"Read the Q3 2026 Puget Sound Market Report with expert analysis of office, industrial, multifamily, and retail commercial real estate trends.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2026\/11\/04\/q3-2026-industrial-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; 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