Figures

Puget Sound Retail Figures Q4 2025

February 4, 2026 5 Minute Read

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  • The Seattle retail market ended Q4 2025 with an availability rate of 4.0%, a 0.4% increase from Q3, as store closures and slower tenant expansions added supply to the market.
  • Net absorption declined further, totaling negative 588,000 sq. ft. in Q4, compared to negative 328,000 sq. ft. in Q3. This trend reflects a broader period of recalibration in the retail sector, as slowing consumer activity and moderating employment growth has begun to impact leasing velocity.
  • New deliveries saw a sharp uptick, with over 100,000 sq. ft. added to the market in Q4.The quarter’s largest completion was the 74,000‑sq.‑ft. Floor & Décor in Woodinville, marking the largest delivery in the past three years.
  • The average net asking rent declined slightly to $24.46, down $0.24 from the prior quarter, as concessions rose in select submarkets.
  • Retail investment sales totaled $170.1 million, down from $292.7 million in Q3, amid elevated borrowing costs and lighter deal flow. Investor sentiment remains cautious, although select well‑located assets (such as grocery-anchored centers) continue to attract interest.