Figures

Puget Sound Industrial Figures Q1 2026

April 9, 2026 10 Minute Read

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  • The Q1 2026 Puget Sound industrial market recorded steady demand but rising vacancy amid continued supply-demand imbalance.
  • New deliveries outpaced absorption, while slower lease-up and increased direct availability pushed vacancy to 11%.
  • Five projects totaling 1.4 million sq. ft. delivered during the quarter, with only 325,000 sq. ft. pre-leased. Net absorption totaled negative 411,708 sq. ft.
  • The average direct asking rents softened modestly to $1.13 per sq. ft. per month, blended NNN, from $1.15 in the prior quarter.
  • In South Sound, bulk distribution users extended decision timelines, prioritizing operational efficiency over near-term expansion. 
  • Eastside R&D and Flex outperformed, supported by advanced manufacturing and technology-oriented users favoring power-capable, infrastructure-rich facilities.