The 8.4-million-sf Northend sub-market sustained the largest pro-rata increase, with an up-tick of 2.9 percentage points. In the Kent Valley, the increase was only 0.53 points. But with a 72.67-million-sf sub market, that's another 385,000 sf of vacancy than was on the calendar as Puget Sound entered 2002.
By Colliers' measure, the Puget Sound industrial market (including King, Snohomish and Pierce Counties) now measures slightly more than 189 million sf. And, according to its calculations, the total vacancy now marks out at 9.88%--which translates to well over 18.5 million sf standing without tenants.
By comparison, this year's overall vacancy rate is close to doubling the figures from just a year ago. At the end of the first quarter 2001, Colliers says total vacancy for the Puget Sound market was at 5.34%--with direct running only 4.06%.
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