To the south, the conversion of industrial space is already heating up in the district near the new Mariner's Safeco Field. To the north of the Seattle's central business district, the Interbay district along Elliott Avenue is sprouting numerous new projects where industrial once had thrived.
Since the fourth quarter of 1998, vacancy rates for greater Seattle's industrial space have gradually declined from 4.8% in the fourth quarter of 1998. Now, the 111.4 million sf of the market's space is at 2.6%--and shrinking. There is under construction 2.852 million sf, the majority of which (1,245,539 sf) is contained in projects in Auburn.
The bad news for Seattle could be good news for the peripheral markets of Pierce and Thurston counties, though, as companies with industrial needs head outward in search of space.
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