Seattle / Bellevue Industrial Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Savills Ca, Newmark, Cushman & Wakefield, Survey
Quarterly industrial market indicators for Seattle / Bellevue, aggregated by PropZone from Savills Ca, Newmark, Cushman & Wakefield, Survey. As of Q1 2026, average asking rent was — with a 11.5% vacancy rate.
Projected current industrial pricing — Seattle / Bellevue
low confidenceProjected asking rent
$12.59/SF/yr
Estimated sale value
$159–$194/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2025 Newmark data (cap rate 5.3%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 11.5% | 800K SF | — | Savills Ca |
| Q3 2025 | — | — | — | 0K SF | Newmark |
| Q2 2025 | $12.59/SF | — | — | — | Newmark |
| Q4 2024 | $12.84/SF | — | -72K SF | — | Newmark |
| Q4 2024 | — | 9.7% | — | — | Cushman & Wakefield |
| Q4 2024 | $12.84/SF | 9.7% | — | — | Survey |
| Q3 2024 | $12.82/SF | 7.0% | — | — | Newmark |
| Q2 2024 | $12.97/SF | 6.5% | — | — | Newmark |
| Q1 2024 | $12.86/SF | — | — | — | Newmark |
| Q4 2023 | $13.09/SF | — | — | — | Newmark |
| Q2 2023 | $184.00/SF | — | — | — | Newmark |
| Q4 2020 | — | 3.1% | 0K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for industrial space in Seattle / Bellevue?
- PropZone aggregates industrial asking-rent data for Seattle / Bellevue from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the industrial vacancy rate in Seattle / Bellevue?
- The industrial vacancy rate in Seattle / Bellevue was 11.5% as of Q1 2026 (Savills Ca).
- Where does PropZone's Seattle / Bellevue market data come from?
- This report aggregates quarterly industrial market data for Seattle / Bellevue from Savills Ca, Newmark, Cushman & Wakefield, Survey.
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