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Industrial Vacancies Continue to Climb

SEATTLE, WA-The first quarter of 2002 saw vacancies rise in Puget Sound's industrial real estate. The severity of damage sustained varied widely sub-market to sub-market, but Northend to Pierce County the results were the same, higher vacancy rates.

By Janet Parker | Updated on April 03, 2002

SEATTLE, WA-Industrial vacancies continued to rise during the first three months of the year, according to the latest statistics from the Seattle office of Colliers International. Whether the percentage increase was large or small, no sub-market slipped by without additional darkened space.

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.

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