The Seattle/Puget Sound industrial market is poised to maintain its sizzling streak into 2017. Regional vacancy continued its decline to 2.6% by the end of 2016 as positive net absorption topped 4 million SF for the second consecutive year. Leasing activity in the Kent Valley was again the key contributor to the vacancy drop, recording 619,902 SF of net absorption in Q4, over 76% of the region’s total. Warehouse rents are increasing significantly throughout the Puget Sound as the construction pipeline expands to keep up with incessant demand. There is 4.7 million SF under construction, despite the delivery of 8.1 million SF over the last two years.
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