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Tight industrial market continues thanks to strong seaport activity

•The Ports of Seattle and Tacoma both reported strong growth in their container shipping business. Year-end total container volumes were up 1.0 percent, with international shipping volumes increasing to 4.0 percent.

•Industrial vacancy within the immediate vicinity of the port is 2.9 percent. Both Kent Valley and Pierce County continue to experience strong occupancy gains, with low vacancy and strong tenant demand.

•Strong leasing velocity continues and the appetite amongst big-box users for quality space in close proximity to Seattle will drive more development activity in the Southend market.

•Industrial asking rates have been increasing for the past 24 months and landlords continue to have leverage on terms and rates. Given strong demand and lack of available spaces, this trend will likely continue through 2018.

Source: JLL Research, The Northwest Seaport Alliance​

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