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Seattle industrial rents dropped for the first time in 14 years. Here's why.

Tenants have more negotiating power in a market with more construction and decreased demand
Seattle has seen a drop in industrial rental rates as the combined impact of weakened demand and a burst of new construction, including such projects as the Seattle Metro Logistics, above, has improved the leverage of tenants. (CoStar)
Seattle has seen a drop in industrial rental rates as the combined impact of weakened demand and a burst of new construction, including such projects as the Seattle Metro Logistics, above, has improved the leverage of tenants. (CoStar)
CoStar Analytics
October 18, 2024 | 8:17 P.M.

An influx of construction and a downturn in demand have lead the Puget Sound region to its first drop in industrial rents in 14 years.

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