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Seattle/Puget Sound 2021 Q4 Industrial Market Report

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Seattle industrial rents continue steady climb as net absorption hits record high

Seattle industrial rents grew at a rate of 12% in 2021 from the previous year, outpacing the average growth rate over the past five years. This trend combined with 2.3 million square feet (msf) of positive net absorption in Q4 has pushed vacancy rates down to 4.9%, the lowest since Q3 2019. North Seattle recorded the highest regional rents at $15.88 per square foot (psf), followed by the Close-in Eastside submarket at $14.88 psf. Net absorption totaled 7.1 msf for the year, nearly 3 msf more than the previous year. Net absorption was positive for the eighth straight quarter in Q4, when it more than doubled the five-year average.

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