Commercial Real Estate
Retailers are returning to Seattle
By Seattle Business Magazine May 28, 2013
With more than 10,700 apartment units under construction in the Seattle metro area and 7,000 expected to be completed this year, there will be a surge of new houshold formation. That’s attracting retailers back to the city, reports Marcus & Millichap in its latest market review. Target was an early entrant with its store in…
With more than 10,700 apartment units under construction in the Seattle metro area and 7,000 expected to be completed this year, there will be a surge of new houshold formation. That’s attracting retailers back to the city, reports Marcus & Millichap in its latest market review. Target was an early entrant with its store in the Newmark residential tower. This summer H Mart, a Korean grocer, will move into the space formerly occupied by Nordstrom Rack in the Broadacres building. In addition, Zara will add a store at Westlake Center early next year.
- The report also notes:
- Employers in the Seattle metro area are expected to add 57,000 jobs this year, a 3.3 perent increase over last year.
- Of 700,000 square feet of retail space that will be completed this year, half will be in shopping centers.
- Vacancy rates for retail space will fall to 8.4 percent this year, down 70 basis points.
- Asking rents will rise 1.6 percent to $17.66 per square foot this year, after declining by 1.1 percent last year.
- You can see the whole report here.