{"id":7874,"date":"2025-10-21T13:13:47","date_gmt":"2025-10-21T20:13:47","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=7874"},"modified":"2026-07-07T13:20:30","modified_gmt":"2026-07-07T20:20:30","slug":"q3-2025-retail-market-report-2-2-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2025\/10\/21\/q3-2025-retail-market-report-2-2-2\/","title":{"rendered":"Q3 2025 Retail Market Report"},"content":{"rendered":"<div id=\"pl-7874\"  class=\"panel-layout\" ><div id=\"pg-7874-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7874-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7874-0-0-0\" 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-dbf295114b96-7874\"\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-7874-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7874-0-1-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-7874-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-9d7b7a06144e-7874\"\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-7874-0-1-1\" 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>Retail in Washington stayed fairly stagnant for Q3. Vacancy rates continued to rise. Mortgage rates dropped momentarily and then increased as a surprise to most of us and cap rates hovered right above 6%. Sales activity was slow as rumors of rate drops have been pushed out months or potentially longer. Brokers are optimistic about a strong finish to 2025 and a super active 2026. As rates drop, we feel that interest in buying will shoot up as there is a lot of money currently sitting on the sideline.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-7874-0-2\"  class=\"panel-grid-cell\" ><div id=\"panel-7874-0-2-0\" 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-dbf295114b96-7874\"\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\/2025\/10\/Pacific-Northwest-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\/10\/Corporate-Report.png\" width=\"612\" height=\"793\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Corporate-Report.png 612w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Corporate-Report-232x300.png 232w\" sizes=\"(max-width: 612px) 100vw, 612px\" title=\"Corporate Report\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><div id=\"panel-7874-0-2-1\" class=\"so-panel widget widget_sow-headline panel-last-child\" data-index=\"4\" ><div class=\"panel-widget-style panel-widget-style-for-7874-0-2-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-584a3f0ce090-7874\"\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\/2025\/10\/Pacific-Northwest-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-7874-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7874-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7874-1-0-0\" 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-7874-1-0-0\" ><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: 232px;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>Q3 2025<\/strong><\/td>\n<td style=\"width: 14%;height: 48px;text-align: center\" width=\"151\"><strong>Q2 2025<\/strong><\/td>\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<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 30px;text-align: left\" width=\"233\">\u2193 12 Mo. Net Absorption (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 30px\" width=\"151\">(1,028,173)<\/td>\n<td style=\"width: 14%;text-align: center;height: 30px\" width=\"151\">(528,138)<\/td>\n<td style=\"width: 14%;text-align: center;height: 30px\" width=\"151\">(152,385)<\/td>\n<td style=\"width: 14%;text-align: center;height: 30px\" width=\"151\">(829,551)<\/td>\n<td style=\"width: 14%;text-align: center;height: 30px\" width=\"151\">(429,189)<\/td>\n<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;height: 24px;text-align: left\" width=\"233\">\u2191 Vacancy Rate (%)<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">4.0%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">3.8%<\/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<\/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\">$30.94<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\" width=\"151\">$30.09<\/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<\/tr>\n<tr style=\"height: 24px\">\n<td style=\"width: 30%;text-align: left;height: 24px\">\u2193\u00a0 Sale Price PSF<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$344.60<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">$394.51<\/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<\/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\">6.10%<\/td>\n<td style=\"width: 14%;text-align: center;height: 24px\">6.60%<\/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<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 29px;text-align: left\" width=\"233\">\u2191 \u00a0Under Construction (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">295,243<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">266,118<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">460,713<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">402,096<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">-<\/td>\n<\/tr>\n<tr style=\"height: 48px\">\n<td style=\"width: 30%;height: 29px;text-align: left\" width=\"233\">\u2193\u00a0 Inventory (SF)<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">173,930,109<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">175,075,101<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">181,802,871<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">182,335,556<\/td>\n<td style=\"width: 14%;text-align: center;height: 29px\" width=\"151\">182,396,180<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-7874-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7874-1-1-0\" 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-708a38a4b005-7874\"\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-7874-1-1-1\" 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-7874\"\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-7874-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7874-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-7874-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7874-2-1-0\" 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-f8de89738f31-7874\"\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\/2025\/10\/Pacific-Northwest-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-7874-2-2\"  class=\"panel-grid-cell panel-grid-cell-empty panel-grid-cell-mobile-last\" ><\/div><div id=\"pgc-7874-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Retail in Washington stayed fairly stagnant for Q3. Vacancy rates continued to rise. Mortgage rates dropped momentarily and then increased as a surprise to most of us and cap rates hovered right above 6%. Sales activity was slow as rumors of rate drops have been pushed out months or potentially longer. Brokers are optimistic about a strong finish to 2025 and a super active 2026. As rates drop, we feel that interest in buying will&#8230;<\/p>\n","protected":false},"author":244,"featured_media":7883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1086],"tags":[1114,1137],"class_list":["post-7874","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>Q3 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\/10\/21\/q3-2025-retail-market-report-2-2-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2025 Retail Market Report\" \/>\n<meta property=\"og:description\" content=\"Retail in Washington stayed fairly stagnant for Q3. Vacancy rates continued to rise. Mortgage rates dropped momentarily and then increased as a surprise to most of us and cap rates hovered right above 6%. Sales activity was slow as rumors of rate drops have been pushed out months or potentially longer. Brokers are optimistic about a strong finish to 2025 and a super active 2026. As rates drop, we feel that interest in buying will...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2025\/10\/21\/q3-2025-retail-market-report-2-2-2\/\" \/>\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=\"2025-10-21T20:13:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:20:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/10\/Market-Report-Graphics-927x624-4.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1386\" \/>\n\t<meta property=\"og:image:height\" content=\"940\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"sthomson\" \/>\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=\"sthomson\" \/>\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\\\/2025\\\/10\\\/21\\\/q3-2025-retail-market-report-2-2-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-retail-market-report-2-2-2\\\/\"},\"author\":{\"name\":\"sthomson\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/931b1b7e88eab37109aec4c62a449a56\"},\"headline\":\"Q3 2025 Retail Market Report\",\"datePublished\":\"2025-10-21T20:13:47+00:00\",\"dateModified\":\"2026-07-07T20:20:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-retail-market-report-2-2-2\\\/\"},\"wordCount\":438,\"publisher\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-retail-market-report-2-2-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/wp-content\\\/uploads\\\/sites\\\/74\\\/2025\\\/10\\\/Market-Report-Graphics-927x624-4.png\",\"keywords\":[\"kyle prosser\",\"market report\"],\"articleSection\":[\"Market Report\",\"Retail\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-retail-market-report-2-2-2\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2025\\\/10\\\/21\\\/q3-2025-retail-market-report-2-2-2\\\/\",\"name\":\"Q3 2025 Retail Market Report - Lee &amp; 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