Weekly Real Estate News
Summary
Newmark arranged a completed full-building lease for the 265,922-square-foot Prologis Park SeaTac 3 warehouse in Des Moines, Washington. The October 22 announcement describes an incoming manufacturing use and says Prologis's Des Moines Creek industrial holdings are now fully occupied. The tenant name, rent, lease term and start date were not disclosed. The local occupancy figure is not a measure of the entire Seattle industrial market.
A manufacturer has leased an entire 265,922-square-foot warehouse near Seattle-Tacoma International Airport, bringing Prologis’s industrial holdings in the Des Moines Creek corridor to full occupancy, according to the leasing broker.
Newmark announced the transaction October 22 for Prologis Park SeaTac 3, at 21202 24th Avenue South in Des Moines, Washington. The firm represented landlord Prologis through Thad Mallory, Taylor Hoff and Cam Warren.
Newmark described the incoming use as a manufacturing project. It did not identify the tenant, disclose the lease term or rent, or say when production would begin. It also offered no estimate of the number of jobs that could result. Those details matter because a long-term manufacturing lease can carry a different capital-improvement burden from a conventional distribution occupancy.
Industrial space close to the airport
The building has 38-foot clear heights, 45 dock-high doors and parking for trailers and employees. Its position near Interstate 5, State Route 99 and Interstate 405 gives the site access to freight routes serving the Seattle metropolitan area.
Newmark said the lease brings Prologis’s Des Moines Creek holdings to 100% occupancy. That statement describes the landlord’s specified local portfolio, not the industrial vacancy rate for the broader Seattle market.
In fact, Newmark’s own earlier research showed a much softer regional picture. In an October 5 announcement for a separate 405,680-square-foot Des Moines Creek lease, the brokerage cited Greater Seattle industrial vacancy of 10.4% in the second quarter, partly reflecting newly delivered space. The earlier lease concerned a different building and owner; the two deals should not be conflated.
The newest lease adds evidence that modern facilities close to freight infrastructure can attract occupiers even while less competitive buildings face longer marketing periods. Newmark did not provide the tenant’s industry, so the exact operational demands of the incoming manufacturer remain unclear.
Industrial leasing has been an important national counterweight to weakness in other commercial property types. WRE previously reported on JLL’s third-quarter industrial leasing data, including the influence of data-center supply chains. The SeaTac deal fits the broad theme of demand for functional space, but its tenant has not been linked publicly to data centers or aerospace.
Prologis and the incoming tenant have not disclosed any construction or equipment commitments. A full-building lease is a completed leasing transaction; the property’s future employment, investment and operating schedule remain separate developments to watch.
Primary source: Newmark, October 22, 2026. Featured photograph: Hannes Egler / Unsplash; illustrative industrial facility, not Prologis Park SeaTac 3.
