Greetings, and welcome to the Indian Summer issue of Schuler Properties' Market Update and Space Available. The market continues to show signs of life. During the past two quarters there has been a net absorption of 560,000 square feet in the 7.9 million square feet of industrial space on which we currently keep tabs. In other words, Pierce County industrial vacancy has decreased from approximately 17% to 10.5% in that time period.
Super Valu took 82,000 square feet at Simpson Landing. Although only month-to-month, it brings this property to 100% occupancy. Lakewood Industrial Park reports 12 new leases for 218,803 net square feet. Puget Sound International took 55,000 square feet from ProLogis at Fife Corporate Center. Valley South Corporate Park leased all 155,000 square feet of its newest building to Norvanco.
Now that we are down to 10%, Davis Properties has started slab work on its 230,000 square foot Building "B", as has Washington Capital/Knapp with its long-awaited big box (492,000 square feet), the Summit at Sumner Corporate Park.
We have one new listing to report, and a change to another. Fred Tebb is now offering to split up its Spanaway property, offering 42,000 square feet on 7.5 acres for $2.2 million, or 66,000 square feet on 9.5 acres for $2.6 million. Newly listed is 2218 - 112th Street East, 2,600 square foot warehouse, on 37,000 square feet, $4,000.00/month, NNN.
Have a great October. Let's keep the momentum going.