Resiliency is the overarching theme of the Puget Sound industrial market Q3 of 2022. In the face of adverse economic conditions, 2.3 million square feet was absorbed, with 9.4 million for the year, across King, Pierce, and Snohomish counties.
Despite inflation, supply chain issues, and uncertainty from Covid, development is on the upswing, with nearly 940,000 square feet of space in newly completed buildings hitting the market in the third quarter, with an additional 10.4 million square feet still under construction. A CBRE report on the strength of the Puget Sound industrial market noted “tenants in the market continue to patiently wait for large developments to come to fruition to accommodate their need for space.”
Seattle Ranked #2 in the Country for Most Construction Cranes
The Seattle skyline is an iconic one, with the Space Needle and Mount Rainier shining front and center. What's often not pictured in these iconic shots are the 42 cranes dotting the skyline. Seattle has been ranked second for most construction cranes out of a dozen large cities according to a survey done by international property consultancy firm Rider Levett Bucknall.
These 42 cranes represent growth, with 25 of the region's largest construction practices having a combined project cost of over $27.3 billion. The largest project is Microsoft's Redmond campus renovation and expansion project, with its estimated project cost at $5 billion.
Construction jobs in the Puget Sound region were up by 6.3% year over year, and the industry employs more than 140,800 individuals in the region.
Construction Has Started on 5-Story Massive Timber Office Building in Fremont
The Fremont/Wallingford neighborhood will soon be home to a five-story, mass timber commercial building, which broke ground earlier this month. 35 Stone, which is scheduled to complete construction in 2024, offers 112,700 SF of Class A office space, in addition to 7,500 SF of retail. This sustainable project adheres to the strict guidelines of the City of Seattle's Living Building Pilot Program.