SEATTLE, WA-It is a market in which tenants continue to be deal the better hands. With vacancies continuing an upward march and the supply of tenants ebbing, landlords are being more flexible, says Grubb & Ellis in its Seattle Industrial Market report for the first quarter. “Businesses opting to renew are seeing noticeable reductions from their current leases,” says researcher Chris Vay with the brokerage house’s Bellevue office.

The push for tenant-friendly concessions was fueled in the first quarter of the year by an overall Puget Sound vacancy rate of 8.1%. This represents a 20.9% increase over the 6.7% rate for year-end 2001.

Grubb & Ellis says “nationwide economic slump combined with local job cuts in aerospace, technology and manufacturing” are having a negative impact on the demand for distribution/warehouse space in the market.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.