Robust leasing activity in 2015 has led to significant year-to-date absorption for the region, especially in the Southend markets (Seattle, Kent Valley, Pierce County).
Each of the five submarket clusters had a vacancy rate below 7 percent at mid-year. That, combined with strong tenant demand, has led developers into a construction boom. Over 1.1 million square feet of new product has been delivered in 2015 and an additional 3 million square feet is currently under construction.
Demand for warehouse/distribution space has been the main driver in leasing activity. The trade, transportation, utilities and construction industries have added a combined 25,100 regional jobs in the past 12 months alone.
Source: JLL Research