Despite major construction activity, the total availability rate for the Puget Sound market has stayed under 5.5% for the past two and a half years, and the direct average asking lease rate increased every quarter since Q2 of 2015.
In the Kent Valley, the 1.6 million sq. ft. of space under construction will relieve pressure on the market. IAC Commerce Center SeaTac will deliver 457,211 sq. ft. of new space to the SeaTac sub-market; Prologis Hudson Distribution Center will add 287,832 sq. ft. and North Auburn Logistics will contribute 261,553 sq. ft. to the market.
The sales volume for the Puget Sound totaled over $1.1 billion during Q4, bringing the annual total to almost $2.9 billion. 2018 was an exceptional year for industrial sales, pushing the median sale price to $185 per sq. ft., a 13.7% year over yer increase