The industrial development pipeline has trailed demand for the past few years, but it appears supply may finally be catching up to tenant requirements. In the first half of 2018, more than 3.6 million sq. ft. of new space was delivered.
Despite major construction completions, the total vacancy rate in the Puget Sound remained level at 4.1%.
Currently the Kent Valley has 2.1 million sq. ft. under construction, a 10-year high.