"There's virtually no new construction in the market because ofthe slowdown in leasing," says Hartzell, a fact borne out by CBRichard Ellis' recently published second quarter report on PugetSound. Altogether, from Tacoma/Fife north through Snohomish County,there currently exists just shy of 200 million sf of product, andonly 1.3 million sf under construction--the majority of which(780,000 sf) is in the Tacoma/Fife area.

That sub-market's growth strikes Hartzell as interesting, giventhat it is well out of Seattle's traditional industrial market--theKent Valley, just south of Seattle. He attributes much of theattraction to the availability of land there.

More space has come back into the market because of theeconomic-slowdown and now-passé' dot-com meltdown, but still notenough to turn the market sour—-even with Web Van dumping more than660,000 sf of space back into the market when it hit the skids.

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