Economic Information: Retail

Seattle’s Center City has approximately 5.0 million square feet of retail space with a vacancy rate of 6.07% at the end of 2007.
From 2006 to 2007 retail vacancy rates increased from 5.06% to 6.07% and lease rates decreased from $25.02 to $23.29.
In the Central Business District*, the vacancy rate was 5.42% and the average lease rate $37.51 at the end of 2007.
New grocery stores located in Center City Seattle added 99,000 square feet of retail since December 2006. These include Whole Foods Market, QFC and M-Street Grocery. A Kress IGA Supermarket is also slated to open in 2008.

*For Central Business District boundaries click here

Sources: OfficeSpace.com, The Seattle Times, DSA Development Guide

Source: OfficeSpace.com

Above neighborhoods: Pioneer Square includes parts of the International District west of Interstate 5. Denny Regrade includes Denny Triangle and Belltown.

Source: OfficeSpace.com

The Downtown Seattle Association annually conducts the Street Level Business Inventory in Center City Seattle. It’s conducted during the third quarter of each year and focuses on eleven neighborhoods in Center City Seattle. In addition to individual businesses, fourteen larger retail areas with multiple units under one roof are included in the study.

2007 Street Level Retail & Services Inventory:

Total number of businesses occupied: 4,856
Number of restaurants, cafes and bars in Center City: 956
Number of coffee shops in Center City: 256
Number of arts & cultural businesses (including art galleries): 239
Number of clothing and accessory shops: 299

2007 locations for the Street Level Retail & Services Inventory - Neighborhoods: Belltown, Capitol Hill, Central Business District, Denny Triangle, First Hill, International District, Pioneer Square, parts of SoDo District, South Lake Union, Uptown and Waterfront. Additional Retail locations: Bay Pavilion, Chandler’s Cove, City Center, Columbia Center, Convention Center, Fisher Plaza, Marion Court, Pacific Place, Pike Place Market, Rainier Square, Seattle Center, Union Square, Uwajimaya Village, & Westlake Center.