Cushman & Wakefield/Commerce released a second quarter report detailing real estate around Puget Sound this week, with the global real estate service firm noting a small bump in the Kent Valley industrial market’s vacancy rate.
The overall vacancy in the Kent Valley increased slightly by 60 basis points on a year-over-year basis, and the Kent Valley industrial market ended the quarter at 5.4 percent, but decreased 40 basis points from Q1 of 2016.
As such, the overall asking rent was $6.04 per square feet, a $0.16 increase from Q2 of 2015. There was a positive overall absorption of 1.9 million square feet, while leasing activity totaled over 4.5 million square feet.
Kent Valley’s largest investment transaction was the 306,457 square foot Titan building in Sumner by LBA Realty for $33.6 million. Just over 1 million square feet of industrial product is still set to be delivered in Kent Valley by year-end 2016, 78 percent of which is currently available.
Despite the large amounts available, the report says that industrial space will remain in high demand with a large volume of big-box tenants in the market.