The Puget Sound industrial market felt more broadly the ill-effects of Covid-19 and the stay at home order in Q3. Four of six markets saw negative absorption, and market vacancy increased 30 basis points. However, e-commerce and its ever-increasing demand for warehouse space continued driving the market to net positive absorption overall and stable rents. With space in the Kent Valley drying up, the only place left to grow is further South, as evidenced by the almost frantic pace at which warehouse space is being constructed, delivered, and absorbed in Pierce and Thurston Counties. By the numbers, the Eastside, Kent Valley, Northend, and Seattle markets saw 657K SF of negative absorption, while Pierce and Thurston County, accounting for just 30 percent of inventory, saw 942K SF of positive absorption and account for 87% of the current development pipeline.
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.