Pierce County – The Final Frontier for Western Washington State Industrial Development – The Property Chronicle
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Pierce County – The Final Frontier for Western Washington State Industrial Development

The Analyst

SUPPLY/DEMAND

In recent years, industrial demand in the Puget Sound region of Washington State has been insatiable. Driven by our two major ports, Washington is the most trade dependent state in the country. Major companies are REQUIRED to do business here and consequently need high-quality distribution warehouse space to support their operations. Barring periodic market shifts (i.e. COVID-19), the fundamentals of the Puget Sound industrial market are as strong as ever.

Pierce County has seen the most significant growth of industrial development in recent years, far outpacing every other county in the state. There are a few primary contributors to this continuing trend:

  • Availability and pricing of developable land
  • Migration of residents from northern counties to Pierce County
  • Growing population and workforce

Companies who are long time operators in King County are quickly learning that most of their employees live south of their current operational facilities. Despite our rapid growth in recent years, Pierce County still offers more affordable land values, rental rates, and overall cost of living. Most importantly, the Pierce County industrial market has grown organically out of necessity as we are the final frontier of available developable property in the greater Puget Sound region.

POST-COVID INDUSTRIAL BOOM?

It’s impossible to say today what the lingering effects of COVID-19 will be. One safe assumption: e-commerce sales are well positioned to grow significantly.






The Analyst

About Matt McLennan

Matt McLennan is a Senior Associate at Kidder Mathews specializing in industrial leasing and sales in South King and Pierce counties. He excels in adding value and negotiating on his clients’ behalf. Matt’s tireless work ethic and positive attitude allow him to maximize returns in all transactions he participates in. His ability to quickly build relationships enables him to move at a fast pace, ultimately savings his clients’ time and money.

Articles by Matt McLennan

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