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Seattle sees record industrial availability

Speculative development and sublet listings are the primary drivers
CoStar Analytics
July 3, 2025 | 7:04 P.M.

After falling from a high of around 24 million square feet of new leases in 2021, leasing volume has settled close to the 2010s average of around 12 million square feet in new leases signed annually. However, while leasing levels have normalized back toward historic levels, speculative construction and space givebacks continue to push Seattle’s industrial availability to record levels.

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