Skip to main content Skip to footer

Q2 2021 Puget Sound Industrial Market Report

Download Report
IndustrialReport
After historically high net absorption in Q1 (3.5 million sq. ft.), Puget Sound’s industrial market did not slow down this spring with an additional 3.2 million sq. ft. of net absorption, shifting vacancy down 30 basis points to 6.8%. Small to mid-sized users were benched for the duration of 2020 when COVID-19 erased their ability to make meaningful real estate decisions. The uptick in consumer spending and general business activity has given these users the capital runway to make real estate decisions again. That said, big box remains the name of the game, particularly in Pierce County where 1.1 million sq. ft. delivered and 3.9 million sq. ft. remains under construction. Of that, 3 million sq. ft. is expected to deliver in the next 12 months (keeping pace with the 4 million sq. ft. of demand there). The market remains valuable to real estate investors, who spent $525 million in the market this quarter, which is six times as much as the 2nd quarter of 2020 and even 8.2% more than in the 2nd quarter of 2019.

IndustrialReport

Q2 2021 Puget Sound Industrial Market Report

Download Report
Related Experts

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.

View expert