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Yearly New Construction Asking Rents & Square Feet Available: January 15, 2010

Posted by Sean Tufts in Research/Data.
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As we did in January of last year, we ran a search of available new construction retail properties in the Puget Sound area.  This year’s search included all retail buildings built in 2008, 2009 and proposed projects that may be under construction or on hold.  The combined average asking rent across the Puget Sound has decreased from $29.28/SF to $26.59/SF or 8.92%.  Although this does not represent the where deals are being signed and does not account for free rent or tenant improvements, it is an interesting metric of the overall market.  The largest decline in asking rents in the area has occurred in Kitsap County with a 20% decline.  South King County shows a small 2% increase in asking rents mostly based on two large anchored projects, Maple Valley Town Center and Burien Town Center holding their asking rents at or above $30/SF.

Only Snohomish and Lewis/Thurston Counties saw a decrease in the amount of available product.  This is likely because a few major projects were killed completely.  All other counties saw an increase in available square footage for new construction.

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