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Industrial Leasing in Seattle Reaches Record Levels

Flood of New Supply Met With Unprecedented Demand
The Puyallup/South Hill area saw net occupancy increase by more than 2 million square feet in 2021. (CoStar)
The Puyallup/South Hill area saw net occupancy increase by more than 2 million square feet in 2021. (CoStar)
CoStar Analytics
January 6, 2022 | 6:37 P.M.

Industrial has had the greatest surge in demand lately of any property type in the Seattle region. More than 23 million square feet of confirmed new leases — excluding renewals — were signed last year, a 44% increase over the prior year's record 16 million square feet and more than double the historic average.

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