In the report, Colliers notes that 46,000 square feet of construction was delivered in the quarter. The pipeline, however, grew quarter to quarter by 700,000 square feet.
“The majority of this growth highlights the velocity and magnitude of eastward movement, with aggregate space under construction on the Eastside outpacing Seattle by a wide margin over the next half-decade,” the report said.
Although commercial real estate trends and findings as of the second quarter can’t decisively project how the rest of the year will play out, Colliers’ conclusion in its report was mostly optimistic.
“In all, Puget Sound’s tech-driven fundamentals have remained resilient in the face of uncertainty, and with a robust development pipeline should only have room to grow once the dust settles,” the report said.