The industrial market experienced a major drop in vacancy with the overall rate dropping 3.8 percentage points on a year-over-year basis to 6.8 percent, resulting in the lowest rate since the recession. Year-to-date (YTD) absorption totaled 781,678 square feet, while YTD leasing activity increased 2.1 percent over last year to 1.6 million square feet. At 6.5 percent, the Eastside and Northend markets reported a decrease of 3.0 percentage points in its combined overall vacancy rate compared to last quarter.
“During third quarter of last year, there was no construction in the Bellevue industrial market; this year, there is currently 430,050 square feet under construction,” said Dave Magee, Washington Region Market Leader with Cushman & Wakefield/Commerce. “With lower vacancy and increasing interest from the tech sector, the area will attract new tenants to fill the space provided by new product under construction.”
According to the report, 430,050 square feet is currently under construction as approximately 227,861 square feet was delivered to the Eastside and Northend markets. Land prices continue to remain high as land ready for development is limited.
The most significant transaction was the purchase of Harbour Reach Business Park, a two-building 100,160 square foot park, by James Otto & Co. for $12.9 million on the first day of the quarter.
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About Cushman & Wakefield/Commerce
Cushman & Wakefield/Commerce, headquartered in Salt Lake City, Utah is an independently owned and operated member of the Cushman & Wakefield Alliance, with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company, Cushman & Wakefield/ NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory.
Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more atwww.comre.com; www.cushwakenm.com. Cushman & Wakefield/Commerce and Cushman & Wakefield/NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm with 43,000 employees in over 60 countries globally. www.cushmanwakefield.com.
About Cushman & Wakefield
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.