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October 17, 2016

Strong demand for industrial space

Seattle Daily Journal of Commerce

Journal Staff

SEATTLE - Kidder Mathews' third quarter report on the local industrial market calls absorption rates "robust."

Analysts report 2.5 million square feet of space absorbed in the third quarter, as compared to 2.9 million in the first two quarters of the year.

During the third quarter, the vacancy rate declined from 4.26 to 3.58 percent. In Seattle proper, the rate is a very tight 1.44 percent.

"Construction activity has picked up, with 3.1 million square feet underway in the region and another 13.8 million square feet in the pipeline," the report says.

Looking ahead, the report says the consensus of economists is that our region is not headed for a recession, but that employment growth will slow.

Areas to watch, says Kidder, are national economic policies, Amazon and the local building boom.

© 2016 Seattle Daily Journal of Commerce. All rights reserved.

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