Commercial real estate broker GVA Kidder Matthews is out with the latest quarterly report on commercial and industrial activity in the Puget Sound region.

According to the latest figures form Pierce County – as of Oct. 1 – there were 16,625,916 square feet of office space available, with 1.9 million square feet vacant. This works out to a vacancy rate of 11.62 percent, which compares to a vacancy rate of 11.1 percent on Jan. 1.

As to rents, GVA Kidder Matthews said, “There is a growing feeling in the market that rent levels are close to or at the bottom.” In its Pierce County review, the brokerage said, “It will be difficult for the market to attract a major institutional tenant like Russell (Investments), and their space will provide two to three years of inventory at historic absorption levels.”

For industrial space, “Pierce County vacancy improved during the third quarter from 11.91 percent to 11.19 percent, thanks to the completion of Whirlpool’s new facility in Fredrickson.”

There were 48.35 million square feet of industrial space in the county as of Oct. 1, with 5.3 million vacant.

There were also 137,284 square feet under construction, which compares to 1.06 million under construction on Jan. 1

Categories: Commercial Real Estate
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