Puget Sound industrial market slows as absorption declines
The Puget Sound industrial market lost momentum in Q3 2025. Year-to-date net absorption declined to 1.1 million square feet (msf), down from 1.8 msfduring the same period in 2024. While some large occupiers executed transactions, including a 468,273-square-foot (sf) renewal by GXO Logistics in Everett and Amazon’s 230,131-sf lease in South Seattle, overall demand remained muted. McLane Company also renewed two buildings in Lakewood/Dunpoint, contributing to the quarter’s leasing volume. However, with a steady flow of newly delivered space and additional speculative construction in progress, supply continues to outpace demand.