Seattle Industrial Asking Rents Jump 9% Even as Vacancy Tops 10%, Propped Up by Concessions and ‘Space Pocketing’

Average industrial asking rents across the Seattle region rose nearly 9 percent in a year to $1.04 per square foot even as vacancy climbed past 10 percent and Kent alone shed more than 1.2 million square feet of occupancy, a gap landlords have bridged with concessions and phased-occupancy deals that Cushman & Wakefield warns may not hold.