Figures
Seattle Retail Figures Report Q1 2025
Availability declines as investment volume rises
May 28, 2025 7 Minute Read
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- The total availability rate declined by 10 basis points quarter-over-quarter to 3.0% in Q1 2025, remaining slightly above the five-year average of 2.9%.
- In Q1 2025, a total of 33,000 sq. ft. of retail space was absorbed in Q1 2025, compared to negative net absorption of 49,000 sq. ft. in Q4 2024. This marks the first quarter of positive net absorption since Q3 2023.
- The average overall net asking rent for retail space was $23.97 per sq. ft. in Q1 2025, an increase of $0.05 from Q4 2024, but $0.29 lower than in Q1 2024. The Eastside submarket recorded the highest average net asking rate at $33.77 per sq. ft.
- The Seattle market has experienced a notable slowdown in retail development, with just 27,900 sq. ft. of new projects delivered in the past 12 months. Of those, just 5,200 sq. ft. completed in Q1 2025.
- Total retail investment volume increased to $371.7 million in Q1 2025, the highest since Q3 2022. The average price per sq. ft. in Q1 2025 was $471, over 2.5 times higher than in the previous quarter.