Peak Logistics Construction?
Over the past five years, industrial construction in the Puget Sound region has remained elevated but is steadily trending downward. The market has been dominated by large-scale logistics facilities, particularly 500,000 square feet or larger. These massive projects have made up the majority of industrial completions in 2022, 2024, and are expected to do the same in 2025 (based on stated completion dates).
This surge in large facility development coincides with record-high availability of industrial space across the region. The following chart from CoStar helps illustrate:
Logistics Facilities Availability by Size