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'Close-In' Seattle Industrial Quiet but Tenanted

SEATTLE, WA-A local broker says activity in this submarket seems to have been paralyzed since Sept. 11. The good news: this segment of Seattle's industrial market has nearly a 98% occupancy rate with which to wait out the storm.

By Janet Parker | Updated on October 30, 2001

SEATTLE, WA-”The activity has dropped dramatically since September 11—almost come to a halt–but the vacancy rates are still a lot lower than in the Kent Valley,” says Vince DeLuca, referring to Seattle’s “close-in” industrial sub-market.

“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.

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