Activity in the industrial markets has modestly picked up over the past six months, with an uptick beginning in Q2 and continuing through Q3, according to a recent report by Kidder Mathews.
Inflation, which peaked at 10.1% in June 2022, has since dropped to 3.1% as of August 2024, largely due to declining fuel prices. However, core inflation (excluding food and energy) remains elevated at 4.0%.
For the industrial markets at Q3 2024, regional vacancy is 7.6%, up from 7.4% of Q2 and the recent low of 3.6% of Q4 2022. Construction activity bumped up from 4.0 million s.f. in Q2 to 7.5 million s.f. in Q3, contained in 23 projects.
72.6% of the construction activity is in Pierce County, with the start of Bridge Point Tacoma 2MM. Preleasing is at 47.3% with 96.4% of these leases located in Perce County projects.
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