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Puget Sound Logistics Availability Reaches Historic High as Supply Outpaces Demand in Post-Boom Market

Puget Sound Logistics Availability Reaches Historic High as Supply Outpaces Demand in Post-Boom Market

The Logistic News by The Logistic News
April 11, 2025
in Logistic
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Puget Sound Logistics Availability Reaches Historic High as Supply Outpaces Demand in Post-Boom Market
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By Eva Richardson | The Logistic News
April 11, 2025

The Puget Sound region—long a key gateway for West Coast trade—is seeing a sharp rise in logistics space availability, with vacancy rates hitting record highs as a wave of new industrial developments outpaces current tenant demand. This shift comes after years of supply chain disruption, pandemic-era e-commerce surges, and speculative construction—all of which are now colliding in a market recalibrating to new economic realities.

According to recent data from CoStar, logistics availability across the region—which includes Seattle, Tacoma, Kent, and Everett—has reached its highest point in over a decade, driven largely by a glut of newly delivered space amid a modest pullback in tenant leasing activity.

Construction Momentum Outruns Absorption

The most significant driver of the spike in availability is the construction boom still underway, particularly in the Tacoma submarket, where two mega-projects alone account for over 50% of all space currently under development.

“We’re seeing the natural consequences of three years of extremely aggressive development,” said Maya Chu, a logistics real estate analyst based in Bellevue. “Developers bet on continued growth in e-commerce and import traffic—and now the market is catching its breath.”

Several million square feet of new inventory hit the market in Q1 2025, much of it speculative. While absorption remains healthy by long-term standards, it hasn’t kept pace with deliveries, pushing availability upward and providing tenants with more choice and leverage.

Shifting Tenant Behavior Reflects Market Reassessment

Leasing velocity has slowed compared to the previous two years, when 3PLs, manufacturers, and retailers scrambled for space amid port congestion and pandemic-driven volatility. Today, many firms are pausing to reassess inventory strategies, rightsize footprints, or consolidate multiple facilities.

“We’ve moved from panic-buying space to optimization mode,” said Caroline Mendez, Director of Logistics Real Estate at Axis Freight Partners. “Clients want flexibility, sustainability, and lower occupancy costs—and they’re in a better position to negotiate now.”

Indeed, landlords are increasingly offering tenant improvement allowances, rent abatements, and shorter lease terms to remain competitive. For developers with vacant deliveries, this dynamic marks a notable pivot from the red-hot conditions of 2021–2023.

Why Puget Sound Still Matters

Despite the availability spike, the fundamentals of Puget Sound as a logistics corridor remain strong. With Port of Tacoma and Port of Seattle anchoring international trade routes—and robust connections to I-5 and eastbound freight corridors—the region remains a strategic hub for trans-Pacific logistics and West Coast distribution.

Furthermore, proximity to Vancouver, deep talent pools, and a growing commitment to green warehouse infrastructure continue to attract interest from national and international occupiers, even amid the current supply-demand mismatch.

“The current softness is cyclical, not structural,” said James Lee, an industrial researcher at Colliers. “This market is repositioning itself—and the next 12 months will separate the speculative plays from the strategic winners.”

The Outlook: A Tenant’s Market, for Now

With vacancy rates expected to remain elevated through at least mid-2025, the near-term outlook favors occupiers looking for move-in-ready space, particularly those with complex or regional distribution needs.

For developers and investors, the lesson is clear: the next phase of logistics real estate growth will depend not just on location, but on adaptive reuse, modularity, energy performance, and tenant alignment.


Eva Richardson is a senior correspondent at The Logistic News, covering logistics real estate, port infrastructure, and regional distribution strategy in North America.


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