Northwest Tech Boom: Shield AI, Space Deals, and Waymo Move-In

Industrial Advisors podcast hosts Matt McGregor and Kyle Beck discuss a fast-emerging tech boom in the Pacific Northwest—AI, defense, and space—calling it the most significant since the COVID boom and noting similar momentum seen in San Francisco 6–12 months earlier. They highlight Shield AI leasing all of Panattoni's Des Moines Creek West building to manufacture autonomous vertical takeoff/landing fighter jets, with plans to add up to 1M more square feet locally, major VC backing, job growth estimates, and production targets starting in 2028. Other rumored or active moves include a 300–400K square foot north Kent Valley deal possibly tied to Blue Origin, Stoke Space potentially acquiring Pacific Raceways for loud rocket testing, Kupper expanding in Everett by 91K square feet, Pierce County's "Project RAM" seeking 150K square feet plus 50–100 acres and heavy power, and Waymo rumored for a 145K square foot South Seattle service center; they also mention Cowboy Space taking 300K square feet.

00:00 The Northwest Tech Boom Overview

02:15 Shield AI and Autonomous Fighter Jets

04:45 Space Tech and Rocket Testing Sites

06:30 Waymo and Autonomous Vehicle Infrastructure

08:15 Comparing Today to Six Months Ago

Portland Industrial Market Update: Vacancy, Submarkets, Capital Interest, and the I-5 Corridor

On the Industrial Advisors podcast, hosts Bill Condon and Kyle Bach interview Colliers Portland industrial broker Tom Knecht about the Portland metro industrial market. Knecht says the market is regaining conviction with increased leasing activity, but vacancy is about 8% versus 3.5% five years ago, and tenants currently have leverage, requiring landlords to be creative with concessions and rates. He notes a wide spread between Class B/C Northeast Portland and Class A Southwest Washington, with Southwest Washington, Washington County (Hillsboro), and Clark County (Vancouver) leading rent growth while other submarkets plateau. Capital markets remain thin, with some investors still hesitant due to Portland's COVID-era reputation and business-tax environment, though less competition can mean better basis. Discussion also covers expanding I-5 corridor development into Ridgefield, Woodland, and Kelso (including a 1.2M SF Amazon lease), limited new construction starts, and cautious optimism through 2027.

00:00 Portland Perception Check

00:36 Podcast Intro and Guest

01:19 Tom Knecht Background

01:56 Market Today vs Past

03:13 Leasing Momentum and Sizes

04:38 Capital Markets and Investors

05:57 Submarkets Driving Rents

07:34 Business Climate and Taxes

09:38 Choosing Portland vs Vancouver

11:00 I-5 Corridor Development

14:03 Outlook Through 2027

16:14 Optimism and Wrap Up

Seattle Industrial Capital Markets Are Turning | Puget Sound 2026 Update

Puget Sound Industrial Capital Markets Update: Investors Return, Cap Rates Improve, and Seattle Shows Signs of Recovery

On the Industrial Advisors Podcast's 10th-anniversary season launch, Matt McGregor and Kyle Back discuss year-to-date Puget Sound industrial capital markets into Q3 (recorded Sept. 8), noting improving investor sentiment toward Seattle as the market "bounces along the bottom" and expectations of positive absorption after years of negative absorption amid limited new construction. They report 77 transactions totaling $1.9B (with 51% of volume in five deals) and cap rates generally ranging from 5.25%–6.0% (higher for challenged assets), including a recent 5.25% trade. Buyers are prioritizing Class A, strong-credit, well-located assets, while South Seattle remains difficult due to weak leasing economics and safety concerns. Major deals include Amazon-leased Kelso (~1.2M SF) at a 5.8% cap and Bridge Logistics' 782K SF Frederickson deal at a 5.35% cap, with investors outpacing owner-users 46–13. They anticipate a strong finish to the year, more institutional activity, and further cap-rate compression.

00:00 Seattle Bottoming Out

00:49 Season 10 Kickoff

01:43 New Format and Markets

02:41 Year to Date Deal Volume

03:37 Cap Rates and Buyer Focus

05:20 South Seattle Challenges

06:52 Investor Sentiment Shifts

09:41 Top Five Mega Deals

11:39 Investors vs Owner Users

13:42 Portfolio Buyers Return

15:15 Best Basis Deals

16:22 Year End Outlook

17:44 Wrap Up and Thanks