Figures

Puget Sound Retail Figures Q1 2026

May 8, 2026 5 Minute Read

The Seattle retail market closed Q1 2026 with an availability rate of 4.0%, lower than the nationwide average of 4.9%. While Q1 2026 availability rose slightly nationwide, Seattle’s overall availability rate was unchanged from the previous quarter.
As availability stabilized, absorption increased to its highest level in the past two years, with onlynegative 7,000 sq. ft. of absorption in Q1 2026 compared to negative 552,000 sq. ft. in Q4 2025. Performance continues to favor smaller and service-based retail, while demand for larger discretionary spaces remains more restrained.
A total of 31,000 sq. ft. was delivered in Q1 2026, compared with 110,000 sq. ft. in Q4 2025. Although well below the prior quarter, Q1 2026 deliveries were only modestly under the two-year quarterly average of 33,000 sq. ft.
The overall average net asking rent for retail in Seattle ended Q1 2026 at $25.20, up $0.68 from Q4 2025. Eastside (the lowest availability submarket) continues to lead the market in net asking rent at $39.05
Total retail investment sales declined slightly in Q1 2026, with sales volume reaching $176.3 million compared to $187.8 million in Q4 2025. Selective user demand and continued investor appetite for well‑located, necessity‑based assets supported retail transaction activity.