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Big box (+100,000 s.f.) industrial lease rates on the rise

  • ​Industrial lease rates, especially for the big box users (+100,000 square feet), have increased significantly since 2010. Low vacancy rates combined with high job and population growth are all contributing factors to the current market conditions. There is a clear supply-demand imbalance, and there continues to be a lack of available inventory and limited new product to fulfil demand in the market.
  • Industrial demand for quality space remains incredibly high, particularly for tenants with requirements over 100,000 square feet. There are currently more than 40 companies looking for space in that range.
  • In response to high demand from prospective tenants, the Puget Sound is seeing record industrial development. Currently, more than 5.6 million square feet of new space is currently under construction in the Southend. Kent Valley and Pierce County continue to attract investors as retailers, e-commerce and food and beverage companies continue to expand their real estate footprints. ​​

Source: JLL Research

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