According to a recent report by Savills, the industrial market in Seattle and Puget Sound ended 2024 with consistent leasing activity. Notable transactions included Regalo International’s renewal of 337,500 square feet in Lakewood and Boeing’s new lease of 278,937 square feet in Everett. These deals highlight the strength of key industries like consumer goods and aerospace.
In addition to these major transactions, Q4 also saw significant deals such as Bridge Industrial’s acquisition of a 228,055-square-foot property for $43.7 million and EQT Exeter Real Estate Income Trust’s purchase of an Amazon-leased facility for $81.5 million.
The market experienced strong net absorption at 1.0 million square feet during this quarter compared to -0.6 million square feet throughout all of 2023. However, with the delivery of over ten million square feet in new inventory throughout the year, vacancy rates increased by180 basis points year-over-year to reach9 .4%. This was due to efforts made by the market to absorb this influxof space.
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