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Marcus & Millichap Reports Stable Retail Market

SEATTLE, WA-Though the area is wading through muddy economic conditions, a new research report expects the health of Seattle's retail sector to remain goodbuoyed by slowing development, low vacancy numbers and dropping interest rates that continue to support investment.

By Janet Parker | Updated on November 07, 2001

SEATTLE, WA-A reduction in development “should sustain the health” of the retail sector of Puget Sound’s commercial real estate market—so says a newly released research report of Marcus & Millichap Real Estate Investment Brokerage Co.

Despite expecting an economic slowdown here because of the area’s ties to the aerospace industry, Gregory Wendelken, regional manager for Marcus & Millichap, says the Puget Sound retail market has survived massive Boeing layoffs in the past and “will weather the storm.”

Wendelken cites a “steady reduction in retail construction activity over the past few years” as keeping supply for properties below demand levels. According to the report, new construction activity is expected to drop for the third year in a row, with starts falling below two million square feet. Over the next 12-month period, Marcus & Millichap believes new starts will be down 18% over the previous one-year period, dipping to 1.6 million sf.

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