"Things started to slow down significantly about a year ago," the Colliers broker tells GlobeSt. "They were red-hot until then--with about a one per cent vacancy and virtually nothing for sale."But following Sept. 11, DeLuca says, "Almost nothing's going on, like a paralysis." DeLuca explains, "Leases and purchases (of industrial space) are big capital expenditures, and in an atmosphere of extreme uncertainty, people are not putting their signatures on the line."

The Seattle broker says there are some breaks in the darkness. Though they have risen above a cramped one percent, Close-in vacancies are still well-within respectable levels--according to third quarter numbers compiled by Colliers' -- running from a low of 0.00% in the Port of Seattle to a high of only 5.86% in West Seattle. And, over the past few weeks DeLuca has had "a trickle of activity" come his way, albeit nothing he would characterize as a shift.

The Close-in market surrounds the city and contains more than 60.5 million sf in the areas of Spokane Street, "close" Seattle North, West Seattle, East Hill, and the Port of Seattle. It measures approximately 80% as large as the Kent Valley's 74.3-million-sf. The difference in vacancy rates between the two sub-markets is as marked as DeLuca says.