While retail deal flow is down, Ruggiero, whose company specializes in representing big-box retailers, says the fact that "companies are paying more attention to the bottom line when structuring their transactions" means the vast majority of today's transactions are more realistic.

"Interest has been especially strong in markets where these retailers see markets they have yet to enter," offers Ruggiero, adding, "There are a handful of those markets left in Washington where there aren't yet the traditional power centers, and they're working hard to secure locations in them." He cites cities and town like Longview, Burlington and Wenatchee, with populations of 125,000 to 175,000, as targets of choice.

Another example Ruggiero discusses is a 175,000-sf center now under construction in Gig Harbor. "It's a rapidly emerging market with about 150,000 people to service," Ruggiero. The property's not going to be delivered until October, yet it's already fully preleased with stores like Home Depot, Office Depot, Pier One, Petco, Hollywood Video and McDonalds."

Another favorite hot spot of Ruggiero's is Puyallup. "Its high growth, high income, with more affordable housing and great traffic," he quips. "It's a market that is growing as quickly as Issaquah or Woodinville. The demographics, such as median household income, are very similar." Target and Home Depot are both building new distribution centers in the nearby Lacey area, and Ruggiero expects a continuation of strong retail development. "Big-box retailers are working hard and will continue to work to penetrate the market here."