{"id":7122,"date":"2025-04-21T01:58:35","date_gmt":"2025-04-21T08:58:35","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7122"},"modified":"2026-07-07T13:22:08","modified_gmt":"2026-07-07T20:22:08","slug":"q1-2025-retail-market-report-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/04\/21\/q1-2025-retail-market-report-2\/","title":{"rendered":"Q1 2025 Retail Market Report"},"content":{"rendered":"<div id=\"pl-7122\"  class=\"panel-layout\" ><div id=\"pg-7122-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7122-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7122-0-0-0\" 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-dbf295114b96-7122\"\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-7122-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7122-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-7122-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-7122\"\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-7122-0-1-1\" 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>With the election over, the Retail sector had vacancy rise slightly. As new tariffs take effect, it will be interesting to see how the retail sector deals with changes in taxes. Sale activity stayed strong with multiple grocery anchored shopping centers changing ownership. Net absorption stayed flat with companies strategizing for the changing market.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7122-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7122-0-2-0\" 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-dbf295114b96-7122\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-Pacific-Northwest-WA-Retail.pdf\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo.jpg\" width=\"385\" height=\"497\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo.jpg 385w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/04\/National-Report-Cover-Photo-232x300.jpg 232w\" sizes=\"(max-width: 385px) 100vw, 385px\" title=\"National Report Cover Photo\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-7122-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7122-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-7122\"\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=\"http:\/\/www.lee-associates.com\/wp-content\/uploads\/2025\/04\/2025.Q1-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-7122-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7122-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7122-1-0-0\" 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-7122-1-0-0\" ><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: 288px;width: 101.547%\">\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>Q1 2025<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q3 2024<\/strong><\/td>\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<\/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\">(152,385)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(829,551)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">(429,189)<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">-\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\">3.4%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.3%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.4%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.3%<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191\u00a0 Avg NNN Asking Rent PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.41<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.35<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$29.34<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2191\u00a0 Sale Price PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$282.82<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$164.37<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$337.00<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$328.92<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$442.38<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2193\u00a0 Cap Rate<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.50%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.70%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">5.94%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.00%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.90%<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2191\u00a0\u00a0 Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">460,713<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">402,096<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">-<\/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<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 48px;text-align: left\" width=\"233\">\u2193\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">181,802,871<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,335,556<\/td>\n<td style=\"width: 14%;text-align: center;height: 48px\" width=\"151\">182,396,180<\/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<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7122-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7122-1-1-0\" 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-708a38a4b005-7122\"\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\/research-2\/\"\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-7122-1-1-1\" 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-7122\"\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-7122-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7122-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7122-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7122-2-1-0\" 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-f8de89738f31-7122\"\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\/wp-content\/uploads\/2025\/04\/2025.Q1-Pacific-Northwest-WA-Retail.pdf\"\n\t\t\t\t\tclass=\"sowb-button ow-icon-placement-left ow-button-hover\" target=\"_blank\" rel=\"noopener noreferrer\" \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-7122-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-7122-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>With the election over, the Retail sector had vacancy rise slightly. As new tariffs take effect, it will be interesting to see how the retail sector deals with changes in taxes. Sale activity stayed strong with multiple grocery anchored shopping centers changing ownership. Net absorption stayed flat with companies strategizing for the changing market. MARKET INDICATORS Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 \u2191\u00a0 12 Mo. Net Absorption (SF) (152,385) (829,551) (429,189)&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7153,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1086],"tags":[1114,1137],"class_list":["post-7122","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 v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q1 2025 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\/2025\/04\/21\/q1-2025-retail-market-report-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2025 Retail Market Report\" \/>\n<meta property=\"og:description\" content=\"With the election over, the Retail sector had vacancy rise slightly. As new tariffs take effect, it will be interesting to see how the retail sector deals with changes in taxes. Sale activity stayed strong with multiple grocery anchored shopping centers changing ownership. Net absorption stayed flat with companies strategizing for the changing market. MARKET INDICATORS Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 \u2191\u00a0 12 Mo. 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