Puget Sound Industrial Figures Q4 2022

A lack of suitable and affordable space has kept vacancy low regionally: 4.0% for the three-county Central Puget Sound region and 3.8% when including Thurston and Lewis Counties.

The development pipeline shows steady growth with consistent demand for class A space. Over the Puget Sound, there are 10 million sq. ft. under construction and 36 million sq ft. planned.

Direct asking shell rent in the Kent Valley, the Puget Sound's prime industrial market, was $0.95 per sq. ft. per year, triple net. This is up 1% over the quarter but 25% over the year.