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Q4 2020 Puget Sound Industrial Market Report

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IndustrialReport

Industrial repeatedly performed like the belle of the real estate investor ball this year, and 2020 was no exception. Pricing in King County increased 71% over the 3-year average, with sales over the quarter averaging $284 PSF. Ending the year with 7.5M SF of transactions totaling $1B, 2020 had 62% less activity than 2019, which is likely due to last year’s push to get deals done before the excise tax took effect. In addition to the shift in shopping from in-person to e-commerce, there have been occupancy shifts throughout the market as companies relocate to newer, more functional space, provided by the more than 3M SF delivered this quarter alone. Vacancy responded with a 0.7% increase from Q3 to 7.5%. Warehouse rents slightly increased 1.9% to $0.86 over the quarter, with gains across the market, except Seattle Close-in and Kent Valley. The next year is likely to bring much of the same, although development activity will continue to move southward into Thurston County. 


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Q4 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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