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Region's Industrial Vacancy High, but Lower

SEATTLE-The vacancy rate for the Puget Sound industrial market dropped by one tenth of one percent during the third quarter thanks to just under 700,000 sf of positive absorption, according to a new report by Grubb & Ellis.

By Gina Binole | Updated on October 15, 2002

SEATTLE-Expect industrial vacancies will remain high into 2003 and return to healthier levels only when the economy improves, according to the latest market report by Grubb & Ellis.

The commercial real estate brokerage says regionwide vacancy fell by one tenth of one percent in the third quarter thanks to 697,760-sf of positive absorption. The vacancy rate is now 7.9%, according to the report, which equates to just over 10 million sf available.

“Expect vacancies to remain high into 2003 and only when the economy improves will the industrial market return to healthier levels,” states the report. “Until then, credit tenants can take advantage of low rents and concessions.”

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