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Multitenant Market Rewards Puget Sound Investors

While investors languish unleased, demand for smaller spaces threatens to overtake supply

By John McCloud | Updated on March 10, 2008

SEATTLE-Recent purchases by Portland, OR-based Harsch Investment Properties underscore the growing strength of the Puget Sound region’s multitenant industrial market. While several recently completed bulk-distribution buildings held by institutional investors languish unleased, demand for smaller spaces threatens to overtake supply.

“There’s a lot of demand and very little product to sell,” reports Scott Alan, a senior vice president in the Bellevue, WA office of Colliers International. “It’s s tough market to enter. If you own, you’re in a very good position. But it’s hard to get in right now.”

Harsch picked up the the 126,000-sf Kenyon Industrial Park in South Seattle from Statewide Mortgage Services Co. Inc for $11.75 million and a 113,045-sf building in Kent, WA for $7.5 million from an entity of Kent-based Davis Property & Investment LLC (DPI). The deals bring Harsch’s Seattle-area industrial portfolio to five properties totaling about 565,000 sf and its total Seattle area portfolio to well over 1.5 million sf.

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