Overall Industrial Market Improves Through Q1

SEATTLE-The overall vacancy rate for the 207-million-sf Puget Sound industrial market decreased from 8.27% to 8.18% during the first three months of the year, according to the latest report from CB Richard Ellis.

Driving the improvement was nearly one million sf of absorption in the 95.5-million-sf Kent Valley sub market, which saw its vacancy rate drop from 7.73% to 7.31%. Other submarkets either didn’t absorb much or gave back space during the quarter, resulting in region-wide net absorption of 772,082 sf, according to the report.

A significant contributor to the Kent Valley’s first quarter absorption was the delivery and subsequent lease-up of the 492,000-sf Summit building at Sumner Corporate Park. CBRE senior associate John Sullivan, who brokered the lease for the building owner, says the lease may be a sign of things to come.