"Low interest rates, the limited availability of land and unmet demand for retail has kept redevelopment hot in the Seattle market," according to Grubb & Ellis' 2004 forecast. "Redevelopment is often quicker and less risky than new development." The firm points to redevelopment and expansion plans by owners of Lincoln Square in Bellevue, Alderwood Mall in Lynnwood and Westfield Shoppingtown Southcenter in Tukwila that include "lifestyle" approaches.
Three of the six largest property sales in 2003 were in the retail sector, Grubb & Ellis notes. Parkway Super Center in Tukwila sold for $88.3 million, The Meridian traded at $54.5 million and Sea Tac Mall changed hands at $37.1 million.
"Retail has been the property of choice, specifically grocery-anchored retail," Grubb & Ellis researchers say. "Quality retail properties are being bid up by high demand. Investors are beginning to look at other product types.
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