{"id":6488,"date":"2024-07-25T10:59:38","date_gmt":"2024-07-25T17:59:38","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6488"},"modified":"2026-07-07T13:23:04","modified_gmt":"2026-07-07T20:23:04","slug":"q2-2024-retail-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-retail-market-report\/","title":{"rendered":"Q2 2024 Retail Market Report"},"content":{"rendered":"<div id=\"pl-6488\"  class=\"panel-layout\" ><div id=\"pg-6488-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6488-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6488-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6488\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-nw.com\/retail\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Retail-768x519.png\" width=\"768\" height=\"519\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Retail-768x519.png 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Retail-300x203.png 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2023\/11\/Retail.png 800w\" sizes=\"(max-width: 768px) 100vw, 768px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><div id=\"pgc-6488-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6488-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6488-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-6488\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h3 class=\"sow-sub-headline\">\n\t\t\t\t\t\t<strong>RETAIL MARKET OVERVIEW<\/strong>\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-6488-0-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The Puget Sound retail market continues to struggle in downtown urban areas, while suburban markets flourish. With office sector vacancy rates remaining high and many people working from home full or part-time, daily retail mirrors its COVID-era trajectory. Vacancy rates hover around 3.5% market-wide but are significantly higher in downtown Seattle, ranging from 12-14%.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6488-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6488-0-2-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-dbf295114b96-6488\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Retail.pdf\"\n\t\t\t\t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp\" width=\"396\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover.webp 396w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Market-Report-Cover-232x300.webp 232w\" sizes=\"(max-width: 396px) 100vw, 396px\" alt=\"Q2 2024 Pacific Northwest Industrial Market Report\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-6488-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-6488-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-6488\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-sub-headline\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Retail.pdf\" >\n\t\t\t\t\t\t\t\tDownload Market Report to View More Details<\/a>\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6488-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6488-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6488-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><div class=\"blueTable panel-widget-style panel-widget-style-for-6488-1-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<table class=\"blueTable aligncenter\" style=\"height: 240px;width: 100%\">\n<thead>\n<tr style=\"height: 48px;border-bottom: 1px #7e8082;background-color: #009ad9;color: #ffffff\">\n<th style=\"width: 30%;height: 48px\">MARKET INDICATORS<\/th>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q1 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2023<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2023<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(688,394)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(668,493)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(548,911)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(429,920)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(273,716)<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.4%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.3%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.1%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.1%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.1%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2193\u00a0 Avg NNN Asking Rent PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.81<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.82<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.85<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.53<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.27<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">436,619<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">445,293<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">465,144<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">179,201<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">329,270<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,765,131<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,322,078<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,353,653<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,345,136<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,374,299<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6488-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6488-1-1-0\" class=\"so-panel widget widget_sow-button panel-first-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-708a38a4b005-6488\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-nw.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW LOCAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><div id=\"panel-6488-1-1-1\" class=\"so-panel widget widget_sow-button panel-last-child\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-flat-23b98baa442f-6488\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"http:\/\/www.lee-associates.com\/research\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tVIEW NATIONAL MARKET REPORTS\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-6488-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6488-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6488-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6488-2-1-0\" class=\"so-panel widget widget_sow-button panel-first-child panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-button so-widget-sow-button-wire-f8de89738f31-6488\"\n\t\t\t\n\t\t><div class=\"ow-button-base ow-button-align-center\"\n>\n\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/2024.Q2-Pacific-Northwest-WA-Retail.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" \t>\n\t\t<span>\n\t\t\t\n\t\t\tCLICK FOR MORE DETAILS FROM THIS REPORT\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6488-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-6488-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The Puget Sound retail market continues to struggle in downtown urban areas, while suburban markets flourish. With office sector vacancy rates remaining high and many people working from home full or part-time, daily retail mirrors its COVID-era trajectory. Vacancy rates hover around 3.5% market-wide but are significantly higher in downtown Seattle, ranging from 12-14%. MARKET INDICATORS Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 \u2191\u00a0 12 Mo. Net Absorption (SF) (688,394) (668,493) (548,911)&#8230;<\/p>\n","protected":false},"author":39,"featured_media":6489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1086],"tags":[1114,1137],"class_list":["post-6488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-report","category-retail","tag-kyle-prosser","tag-market-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 2024 Retail Market Report - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-retail-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2024 Retail Market Report\" \/>\n<meta property=\"og:description\" content=\"The Puget Sound retail market continues to struggle in downtown urban areas, while suburban markets flourish. With office sector vacancy rates remaining high and many people working from home full or part-time, daily retail mirrors its COVID-era trajectory. Vacancy rates hover around 3.5% market-wide but are significantly higher in downtown Seattle, ranging from 12-14%. MARKET INDICATORS Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 \u2191\u00a0 12 Mo. Net Absorption (SF) (688,394) (668,493) (548,911)...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2024\/07\/25\/q2-2024-retail-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T17:59:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:23:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/07\/Retail-Market-Report_927624.png\" \/>\n\t<meta property=\"og:image:width\" content=\"924\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-retail-market-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-retail-market-report\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Q2 2024 Retail Market Report\",\"datePublished\":\"2024-07-25T17:59:38+00:00\",\"dateModified\":\"2026-07-07T20:23:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-retail-market-report\\\/\"},\"wordCount\":399,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-retail-market-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2024\\\/07\\\/Retail-Market-Report_927624.png\",\"keywords\":[\"kyle prosser\",\"market report\"],\"articleSection\":[\"Market Report\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-retail-market-report\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/07\\\/25\\\/q2-2024-retail-market-report\\\/\",\"name\":\"Q2 2024 Retail Market Report - Lee &amp; 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