• The desirable lifestyle of the Pacific Northwest and technology employment that has thrived during the current downturn has driven growth by e-commerce and fulfillment tenants.

 

  • Only one existing industrial building has 500,000 sq. ft. available, while five leases of that size were signed in 2020 – only two of which were for build-to-suit projects.

 

  • Total leasing volume topped all previous records at 22.8 million sq. ft. though vacancy climbed to 6.3% for the central Puget Sound and 7.6% for Thurston County, still modest by historic standards.