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Q3 2022 Puget Sound Industrial Market Report

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IndustrialReport
There are mixed signals in Seattle’s industrial real estate market. With the Federal Reserve raising interest rates to combat inflation, investors have less incentive to buy and sell, which will lead to lower sale activity this year nationally. Conversely, leasing activity is strong, particularly in the logistics and aerospace sectors. This year, Holman Distribution leased 353,000 square feet in Frederickson and Maersk leased 246,000 square feet in Lakewood, both cities that only had sporadic activity prior to 2020. For third-party logistics (3PL) companies, the south Puget Sound/Tacoma area is attractive because of its proximity to the Port of Tacoma and the desirable labor available in Pierce County. Closer to Seattle, Blue Origin leased 172,000 square feet in Kent, furthering the legacy of aerospace activity in Puget Sound.

IndustrialReport

Q3 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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