LACEY, WA—While there is a shortage of industrial supplyrelative to demand, the greatest issue is available land for development. This is giving an advantage to developerscurrently active in the market.
Five industrial buildings totaling 1.75 million square feet werecompleted during second quarter. Another 4.4 million square feet ofindustrial product is currently under construction, 95% of which isactively marketed as available. The majority of this is speculativedevelopment, according to a second quarter report by Cushman &Wakefield. The firm says it expects a good portion of projects tobe located in Pierce County as King County sites become increasingly rare in the future.
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