2015 Q1 MarketBeat Bellevue Industrial Snapshot: Upward Pressure on Rents Expected as Vacancy Continues to Slide Down
The Eastside industrial market started the year with positive, if mild, improvement, with a combined 487,121 square feet of leasing activity. Across all submarkets, the overall vacancy rate declined by 1.1 percentage point on a year-over-year basis. The Woodinville/522 Corridor and Bothell submarkets led the way with year-to-date leasing activity of 169,224 square feet and 89,388 square feet, respectively.
One of the largest leases of the quarter was Walters & Wolf’s 50,000 square foot lease in Bellevue at the Bellevue Distribution Center. The manufacturing company moved into Building 2 of the complex earlier this year. Kirkland and Woodinville also reported positive absorption this quarter, primarily due to tenants moving into large warehouse spaces in the area.