Industrial market shows early signs of stabilization
Seattle/Puget Sound's industrial vacancy rate rose to 12.7% in Q3, up 260 basis points (bps) year over year and reaching its highest level in five years. However, the quarterly increase slowed to just 10 bps, suggesting vacancy growth may be moderating. Year-to-date net absorption totaled negative 1.7 million square feet (msf), compared with positive 1.1 msf during the same period last year. Quarterly net absorption improved to negative 12,947 square feet (sf), following negative 959,144 sf in Q2, indicating signs of stabilization in occupier demand despite continued market softness.