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Q1 2022 Puget Sound Industrial Market Report

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IndustrialReport
Puget Sound’s industrial market is off to a strong start in 2022, despite confronting headwinds related to supply chain woes and an ever-dwindling supply of space for users. Over 2.0 million square feet of space was absorbed this quarter bringing vacancy down from 5.5% to 5.1%. The largest project currently under construction is Costco’s 1.1 million square foot build-to-suit in Tumwater. Since there is so little land to build new, functional warehouse properties closer to the population centers in Seattle and Bellevue, development south of Tacoma and even Olympia is taking off. Corresponding to increased competition for space, asking rents for warehouse/shell space reached $1.30 per square foot in Seattle Close-in, an 8.3% increase from last quarter.

IndustrialReport

Q1 2022 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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