• One of the largest deals of the quarter was Amazon’s lease at Georgetown Crossroads in South Seattle. Amazon occupied the remaining 494,000 sq. ft. of the multi-story warehouse, which is also partially leased by Home Depot. The warehouse is the first of its kind in the U.S.—a creative solution to provide last-mile warehouse space in a market with scarce developable land.

 

  • The Kent Valley experienced a slowdown this quarter, causing direct vacancy to increase to 5.25%, an 85 bps increase from Q2 2019. The increase is partly due to the continued delivery of space to the market—new supply through Q3 2019 total 1.6 million sq. ft., outpacing 2018.

 

  • Investment sale activity decreased slightly from the previous quarter, resulting in $317 million of sale volume throughout the Puget Sound.