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Industrial Sector Looking Lackluster

TACOMA, WA-Colliers International says of the industrial market, "it will get worse before it gets better." And, its predictions call for another two quarters of decline followed by a slow "U" shaped recovery, starting in the middle of 2002.

By Janet Parker | Updated on January 21, 2002

TACOMA, WA-Pierce County and the Kent Valley, the heavyweights of Puget Sound’s industrial market, will continue to struggle in 2002, according to the latest report from Colliers International.On New Year’s Eve, Pierce County’s sub-market penciled out at 573 buildings containing slightly more than 29.2 million sf of space. The Kent Valley eclipsed those numbers with 1,063 industrial buildings encompassing just under 74 million sf.

In Pierce County, direct vacancies were measured at more than 2.4 million sf, or 8.25% of the total. Nearly one-half million sf were up for sublease. Numbers aggregated, the county finished the fourth quarter with a total vacancy of 9.97%.

Here, the report says construction has “come to a grinding halt” with very little in terms of new spacing having come on line. Absorption is off dramatically, with the fourth quarter posting a paltry net of 114,560 sf.

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