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Industrial Vacancies Continue to Rise

SEATTLE, WA-Suffering along with the other sectors of Puget Sound real estate, the industrial market measured increases in vacancies during the first quarter--an overall jump of more than 20%, according to the latest first quarter report.

By Janet Parker | Updated on April 29, 2002

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.

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