Puget Sound Industrial Figures Q4 2024

Seattle remains a highly desirable destination for industrial tenants, bolstered by increasing port volumes that enhance logistics capabilities and access to global markets.

The Puget Sound industrial real estate market is experiencing converging trends, with an 8.8% vacancy rate and 1.4 million square feet of negative net absorption in Q4 2024.

In Q4 2024, the Kent Valley market faced negative net absorption of 948,171 sq. ft., resulting in an increase in the vacancy rate by 97 basis points (BPS) to 7.1%. This shift reflects a broader trend of 3PL companies rightsizing as the market adjusts to tempered consumer demand. 

The Tacoma market reported negative net absorption of 80,790 sq. ft., while the vacancy rate increased 45 BPS to 9.8%.