Greater Seattle sublease vacancy was reported at 2.0 million square feet (msf) in Q1 2022, a year-over-year decline of 1.79 msf, one of the largest declines in the U.S. The total has steadily decreased since its peak of 4.3 msf, reached in Q1 2021.
Although the COVID-19 pandemic in 2021 brought on new challenges for the industrial market—with port congestion, materials shortages, and commodity pricing skyrocketing—the market has and will continue to excel.
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