Figures

Puget Sound Industrial Figures Q3 2024

October 8, 2024 8 Minute Read

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  • The Kent Valley market, reached 700,936 sq. ft. of positive net absorption in Q3. This led to a decrease in the vacancy rate to 6.2%, a 50 basis point (bps) drop from the prior quarter. 

 

  • This quarter, the Tacoma market reported positive net absorption of 1,421,123 sq. ft., despite a rise in the vacancy rate to 9.4%. Notable move-ins included Harbor Freight’s long-awaited move to a massive 782,875 sq. ft. space at FRED310, 18 months after signing. 

 

  • Despite high industrial vacancy, the Seattle area’s economic strength remains robust, with Oxford Economics forecasting a GDP growth of 2.8 percent in 2025 for the region, compared to the U.S. average of 1.8 percent.