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Holiday Shoppers Go to the Wire, Gravitate to Downtown

Downtown Seattle’s taxable retail sales nearly match the retail earnings of the entire city of Tacoma, as retailers find added opportunities to capture holiday shoppers, according to a Numerator survey.

Percentage change by category Clothing/department stores have recorded the largest gains, followed by building/garden supply.

SEATTLE—Downtown leads the region in retail sales and its real estate market is one of the hottest in the country. In fact, its taxable retail sales nearly match the retail earnings of the entire city of Tacoma.

During the past seven years, the retail vacancy rate has hovered between 3 and 4%, and the average time from construction completion to leasing fell from more than a year to only seven months, according to CoStar. Moreover, with dozens of leasing deals and more than 150,000 square feet of new retail leases in 2017, downtown lease rates remain strong.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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