New Supply, Not Lost Tenants, Drove Puget Sound Industrial Vacancy to 12% as Pipeline Shrinks 74%

The Puget Sound's industrial vacancy rate nearly tripled from 4.3 percent to 12.0 percent over roughly four years, but CBRE's latest numbers show that warehouse users never really left; developers simply built 22.4 million square feet faster than the market could fill it, and with that pipeline now at a multi-year low, the climb in vacancy looks close to running its course.