2015 Q1 MarketBead Seattle Industrial Snapshot: Industrial Developers Will Continue to Bring Product to the Market as Lease Rates Increase
The Kent Valley had a strong first quarter, experiencing almost 526,000 square feet of direct absorption across all submarkets. although down compared to an abnormally high Q1 2014, leasing activity was a respectable 910,144 square feet, with the most activity occurring in the Kent, Aubura, and Sumner submarkets.
Sumner was the most active submarket during Q1 2015, partly due to Cooper Tire and Rubber’s announcement of a 140,386 square foot expansion at 3012 142nd. The company now fully occupies the nearly 279,000 square foot building. Additionally, CTE Logistics signed a lease for 62,895 square feet at the Sockeye Building, and will move into the space at the end of Q2.