Q2 2024 Retail Market Report
RETAIL MARKET OVERVIEW
The Puget Sound retail market continues to struggle in downtown urban areas, while suburban markets flourish. With office sector vacancy rates remaining high and many people working from home full or part-time, daily retail mirrors its COVID-era trajectory. Vacancy rates hover around 3.5% market-wide but are significantly higher in downtown Seattle, ranging from 12-14%.
| MARKET INDICATORS | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|
| ↑ 12 Mo. Net Absorption (SF) | (688,394) | (668,493) | (548,911) | (429,920) | (273,716) |
| ↑ Vacancy Rate (%) | 3.4% | 3.3% | 3.1% | 3.1% | 3.1% |
| ↓ Avg NNN Asking Rent PSF | $29.81 | $29.82 | $29.85 | $29.53 | $29.27 |
| ↑ Under Construction (SF) | 436,619 | 445,293 | 465,144 | 179,201 | 329,270 |
| ↑ Inventory (SF) | 182,765,131 | 182,322,078 | 182,353,653 | 182,345,136 | 182,374,299 |