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April 2004 Greetings, Welcome to April and the second quarter of 2004. As I write this monthly missive, the sun is out, baseball season has started and Tenants are back in the market. In the past year, the Pierce County Industrial market has had net absorption of approximately 1.25 million square feet, bringing the vacancy rate down from the mid teens to about 7.5%, even while adding the 492,000 square foot Summit Building to the mix. In the nine million square feet of non-owner occupied warehouse space we track, vacancy is down to 7.44 %, from a year end 9.4% and the one year ago rate of 17.5%. This is exciting news for landlords, developers and brokers. Large tenants (over 50,000 sq ft) will likely need to wait a year to be excited, as there is no existing space currently available in this size range. Meanwhile, tenants for less than 50,000 square feet still have plenty to choose from. Significant transactions in the past quarter include:
While not involved in any of these, during the past month we inked a sublease between TaB Distributing and Milgard Manufacturing for 59,000 square feet at Rainier Corporate Park East, leased two acres of land and 6,000 feet of buildings at 2200 S. 112th Street to United Rentals’ Trench Safety division, and leased the 6,500 square foot Nelson warehouse at 2232 Port of Tacoma Road. We closed sales of the Sine Communications property in South Tacoma and the Commencement Bay Professional Building near downtown. We also have some new listings to promote.
Three of these should appeal to trucking concerns. These are
Farwest Trailer repair facility, 10,000 square feet and two each,
3+/- acre trailer storage yards, all in or near the Port of Tacoma.
We have also listed the 10-acre Haave property on Mountain Highway;
one half zoned mixed use and one half mixed use and medium density
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