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Seattle Area Retail Vacancy and Rental Rates December 1, 2011

Posted by Erik Swanson in Research/Data, Retail News.
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Officespace.com put together an interesting chart showing the vacancy and rental rates for nearly 2400 retail buildings in the Seattle MSA.  There’s lots of space still available…almost 6.2 million square feet.  Tacoma’s vacancy is at a whopping 14% and the Northend (Shoreline, Lynnwood, Everett) is over 10%. Not surprisingly the urban downtown areas have fared much better with vacancy rate of around 7% on average.  

The chart shows an average rental rate of $22.48 per square foot per year. I have to believe those are asking rates based on listings and not executed lease rates. Although there has been some increase in leasing activity there are still relatively few tenants in the market. With so much available space to choose from, tenants still have significant leverage in negotiations with landlords.

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