Seattle / Bellevue Industrial Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Kidder Mathews, Cushman & Wakefield, Newmark
Quarterly industrial market indicators for Seattle / Bellevue, aggregated by CREhunt from Kidder Mathews, Cushman & Wakefield, Newmark. As of Q2 2026, average asking rent was $12.72/SF/yr, per Kidder Mathews.
Projected current industrial pricing — Seattle / Bellevue
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Seattle / Bellevue industrial yet, so this applies the typical cap rate across comparable industrial markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Kidder Mathews asking-rent data (benchmark cap rate 5.5%–7.5%, 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 |
|---|---|---|---|---|---|
| Q2 2026 Kidder Mathews | $12.72/SF/yr | — | — | — | Kidder Mathews |
| Q2 2026 Cushman & Wakefield | $23.76/SF/yr | 9.4% | 776K SF | — | Cushman & Wakefield |
| Q4 2025 Cushman & Wakefield | $20.40/SF/yr | 9.2% | 5K SF | — | Cushman & Wakefield |
| Q3 2025 Newmark | — | — | — | 3 SF | Newmark |
| Q2 2025 Cushman & Wakefield | — | 8.2% | 919K SF | — | Cushman & Wakefield |
| Q2 2025 Newmark | $12.59/SF/yr | — | — | — | Newmark |
| Q4 2024 Newmark | $12.84/SF/yr | — | -72K SF | — | Newmark |
| Q4 2024 Cushman & Wakefield | — | 9.7% | — | — | Cushman & Wakefield |
| Q3 2024 Newmark | $12.82/SF/yr | 7.0% | — | — | Newmark |
| Q2 2024 Newmark | $12.97/SF/yr | 6.5% | — | — | Newmark |
| Q1 2024 Newmark | $12.86/SF/yr | — | — | — | Newmark |
| Q4 2023 Newmark | $13.09/SF/yr | — | — | — | Newmark |
| Q2 2023 Newmark | — | — | — | — | Newmark |
Industrial asking rents by submarket
The newest asking rent a named brokerage's report published for each Seattle / Bellevue industrial submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Puyallup | $2.00/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Queen Anne to SODO | $2.25/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South Seattle | $1.78/SF/mo Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Seattle / Bellevue industrial did not fully agree. Asking-rent estimates differ by $11.04/SF/yr — from $12.72/SF/yr to $23.76/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Kidder Mathews | — | $12.72/SF/yr | — |
| Cushman & Wakefield | 9.4% | $23.76/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in Seattle / Bellevue?
- As of Q2 2026, the average asking rent for industrial space in Seattle / Bellevue was $12.72/SF/yr, per Kidder Mathews.
- What is the industrial vacancy rate in Seattle / Bellevue?
- Vacancy data for Seattle / Bellevue industrial is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does CREhunt's Seattle / Bellevue market data come from?
- This report aggregates quarterly industrial market data for Seattle / Bellevue from Kidder Mathews, Cushman & Wakefield, Newmark.
- How much do brokerage estimates differ for industrial space in Seattle / Bellevue?
- For Q2 2026, the brokerage sources CREhunt aggregates for Seattle / Bellevue did not fully agree. Asking-rent estimates differ by $11.04/SF/yr — from $12.72/SF/yr to $23.76/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.