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Average price per square foot for industrial sales sees significant growth over the past five years

• The average price per square foot of industrial sales in the Seattle-Bellevue market has risen significantly since 2014, with average pricing increasing over 50 percent. Year-to-date (ytd) average price per square foot currently sits at $146, with the Seattle cluster topping the region with an average price per square foot of $175 ytd.

• The largest price increases are seen on the Eastside, where the price per square foot rose 84 percent, followed by a 63 percent increase in the Kent Valley, which is the heart of the region’s industrial inventory.

• The rapid expansion of e-commerce in the United States has created an unprecedented demand for warehouse and distribution space in facilities close to large metro areas in order to meet the demand for efficient last-mile delivery of online orders to retailers and consumers. Additional pressures on the market come from redevelopment of industrial properties into office and multifamily products and demand for more modern industrial spaces to meet current tenant needs.

• There is continued interest in industrial properties across the Seattle-Bellevue market and the competitive marketplace is expected to lead to further increases in average industrial sale prices in the short-term. 

Source: JLL Research, RCA, CoStar

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