With dozens of leasing deals and more than 150 thousand square feet of new retail leases in 2017, Downtown lease rates remain strong.
Downtown’s real estate market is one of the hottest in the country. Over the past seven years the retail vacancy rate has hovered between three and four percent and the average time from construction completion to leasing fell from more than a year to only seven months.
Each year the DSA requests custom retail sales data from the Washington State Department of Revenue. This allows us to see trends downtown and in other area geographies. The following are some of the highlights from the latest data available, showing the trends since 2010.
Retail sales – Puget Sound Comparison
Downtown leads our region in retail sales. In fact, downtown’s taxable retail sales nearly match the retail earning of the entire city of Tacoma. Explore the city comparison data in more detail in the chart and table below.
Notes on data sources for this page:
Retail real estate market data was provided by CoStar.com.
Taxable retail sales numbers are estimates provided by the Washington State Department of Revenue. Since businesses report sales at the city level, any business with multiple locations in Seattle have sales allocated based on their number of locations and the number of employees at those locations. For business locations with higher than average sales for that company, this will lead to an underestimate in the total for that business location.
Businesses located outside Seattle doing business in Seattle are allocated based on multiple factors, including; population, area, and business activity.
For retail sales, the most recent year provided is a preliminary estimate by DSA based on the trend.
If you have questions about our research, contact Elliott Krivenko: