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Q1 2020 Puget Sound Industrial Market Report

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IndustrialReport

More than 620K SF of product delivered, primarily in the Puyallup/S Hill Industrial submarket.

Development activity in Thurston County has significantly increased since Q3 2019 with 58% of the development pipeline, or 3.6M SF, currently under construction. Absent available land near I-5 to build warehouses, industrial developers were forced to consider developments south of the Puget Sound. With Eastside vacancy at 2.1% and Northend vacancy at 4%—both well below the regional 6.3% vacancy—there is incredibly limited supply of available product to satisfy the growing demand for warehouse space. The coronavirus pandemic severely constricted investment volume in the last half of the quarter. January saw 82% of the region’s quarterly sales by value, and 84% by size, although this is heavily influenced by Prologis’ two portfolio purchases that month.


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Q1 2020 Puget Sound Industrial Market Report

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Jacob Pavlik

Research Manager

Seattle

Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively.  At Colliers, he leads a team of researchers to  collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.

His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.

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