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Industrial 'Spec' Projects Take Off for First Time Since Recession

In the clearest sign yet that the Puget Sound region's long-suffering industrial market is on the mend, the Benaroya Company is starting construction of a large speculative warehouse project in Sumner.

Brokers say it's the first time since before the recession reached the Puget Sound region in 2008 that anyone here has built an industrial project on a speculative basis.

In a first for his Bellevue-based company, Larry Benaroya said he has an agreement to sell the building when it's done in February to Industrial Income Trust of Denver.

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