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11/21/22
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5 Fast Facts SEATTLE – INDUSTRIAL
Q3 2022
Provided by Cushman & Wakefield
1 - SEATTLE METRO AREA CLOSE TO FULL RECOVERY
Employment in the greater Seattle area reached nearly 2.1 million in the third quarter, up 89,500 jobs YOY.
2 – CONSTRUCTION PIPELINE ROBUST
The Greater Seattle area added nearly 3.0 msf of industrial space YTD, with an additional 14.7 msf under construction and 24.9 msf proposed.
3 - RENT UP YOY
Industrial rents increased 9.6% YOY to $1.03/SF/month in the region, with warehouse rents at $0.88/SF/month, manufacturing rents at $1.06/SF/month, and high-tech/flex rents at $1.56/SF/month
4 - VACANCY DOWN SIGNIFICANTLY YOY
The Puget Sound vacancy rate decreased 170 bps YOY to 3.6%. The Seattle market vacancy rate dropped 200 bps to 3.7%, while the Eastside market vacancy rate dropped 20 bps to 3.4%.
5 - LEASING ACTIVITY SOLID YTD
Leasing activity in the Puget Sound was strong through three quarters, with 16.9 msf leased YTD (including renewals).
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