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Kidder Mathews Report: Seattle Retail Picture is Slowly Improving

Report: Seattle Retail Picture is Slowly Improving

The second quarter Seattle-area retail report from Kidder Mathews offers an encouraging sign that while supply chain and inflation headwinds continue, the retail sector is slowly bouncing back from the pandemic. Available vacancy space declined in all but one of the five counties and now stands at 2.75%, a 6 basis point drop from Q1.

Rent growth grew 1.7% year-over-year in Q2, but dropped a bit from the first quarter. Retail developments in the works include a Top Golf opening in Renton on July 29th plus a neighborhood center in Black Diamond at Ten Trails and a larger project in Covington possibly debuting next year.

Investment activity included 113 retail property sales in the second quarter, with cap rates ranging from 4.0 to 7.8% and an average of 5.07%. With rising interest rates, expect varying cap rate impacts in the 2nd half of 2022. Kidder’s Seattle outlook for the third quarter is stable to reduced sales volume with single tenant net lease demand remaining high.


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Top Golf Renton

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Economy