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2009-2011 Construction Asking Rents and Available Square Feet January 12, 2011

Posted by Erik Swanson in Research/Data, Retail News.
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As in years past, we’re beginning 2011 by posting various market indicators and recapping data for retail real estate investments here in the Puget Sound.

In general, asking rents for new construction are generally flat over last year. At the start of 2011, the combined average rate for the seven sampled submarkets is $26.00 per square foot (last year we were at $26.59/sf).  The Seattle, Bellevue and Snohomish County markets are highest, pushing nearly $29.00 per square foot. After the largest decline in 2010, Kitsap County posted the largest increase in asking rents at 17.65%. This number seems to be skewed by two projects currently under construction and asking +$30/sf.  Frankly, we’re a little skeptical they’ll achieve those rents. Overall, there was a slight decline in the amount of square feet available. Pierce County saw a dramatic decrease of nearly 32% in available space. This most likely is coming from projects that were killed by developers due to the lack financing…or more importantly, their realization of the lack of tenants to fill these projects.

**2011 data based on all available new construction and proposed projects from 2009 and beyond posted on CBA.

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