As e-commerce grows and manufacturers, consumers and retailers seek warehouse/industrial space in urban areas closer to cities’ downtown cores, developers are increasingly having to think outside the box when it comes to delivering new product to the market.
The industrial market in the wider region is set for more activity in 2018-net absorption totaled nearly 1.2 million square feet in second quarter and is expected to keep close pace with deliveries, according to a second quarter 2018 Seattle Industrial Real Estate Market report written by Kidder Mathews-but the Seattle close-in submarkets around the city’s downtown core (including Georgetown) continue to be plagued by a shortage of available space. The Seattle close-in market vacancy rose to 2.1 percent in second quarter and the “the biggest challenge in this market is for tenants to find space and ultimately many end up looking south for opportunities,” the report states.
For the full story, go to The Registry Puget Sound Real Estate.
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