Figures

Puget Sound Industrial Figures Q3 2026

October 12, 2026 10 Minute Read

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  • The Puget Sound industrial market softened in Q3 2026 as vacancy rose 20 basis points (bps) to 12.0% and net absorption dropped to negative 665,000 sq. ft.
  • Leasing volume rose 11.7% quarter-over-quarter to 4.9 million sq. ft., and availability edged down 10 bps to 13.4%.
  • The average overall direct asking rate held steady at $1.15 per sq. ft. per month NNN, virtually unchanged quarter-over-quarter.
  • New supply fell to its lowest level in years, with 101,000 sq. ft. delivered and 1.5 million sq. ft. under construction, down from a peak of 9.9 million sq. ft. in Q4 2022.
  • Buildings of 100,000 to 249,999 sq. ft. were the only size range to post positive net absorption, totaling 160,000 sq. ft.
  • Approximately 70% of the construction pipeline was preleased, limiting speculative supply as the development cycle winds down.