RETAIL PROPERTY MARKET UPDATE SVN Retter & Company | Your Tri.Cities Market Leader | Spring 2021
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• According to the Census Bureau’s advance estimates, seasonally adjusted retail sales totaled $561.7B in • February, a 3.0% drop rom the month be ore. Retail sales are up 6.3% rom the same period last year. • • Within the sub-categories o Retail Sales— sporting goods, hobby, musical instrument, and bookstores aced • the steepest decline, ollowed by department stores and non-store retailers. Gas stations were the only • sub-category o Retail Sales that increased in February, rising by 3.6% month-overmonth, though increased • energy costs were a key driver. Food and beverage stores remained lat rom January. • • While these data are adjusted to account or seasonal variations, the widespread blackout experienced last • month in Texas, the second-most populous US State, likely contributed to the decline. • The Monthly Sales or Retail and Food Services report serves as a key indicator or consumer spending. • However, despite the February drop, it is worth noting that the University o Michigan’s Consumer Sentiment Index, a separate predictor o consumer…
Location 201 N. Edison 3902 W. Clearwater 6311 Burden Blvd 7505 Sandi ur 8390 W. Gage 1753 G Way 9425 Sandi ur 2107 W. 4th 6855 W. Clearwater 132 Vista Way
Rate $12/s $12/s $19/s $24/s $20/s $16/s $20/s $9/s $17/s $13/s
SF 1,744 1,054 900 3,085 1,085 1,600 2,347 5,300 870 1,150
Term 5 yrs 3 yrs 3 yrs 3 yrs 2 yrs
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expectations, increased in March to its highest level in a year. The rise in sentiment suggests a rebound in Retail Sales may already be underway.
On The Market Address 812 W. Vineyard Dr 3600 W. Clearwater 103 N Ely 607 N. Oregon Ave 3405 W. Court 404 N. Oregon 222608 Game Farm 901 Aaron Drive 240 N. Ely 4307 W. Court 8108 Gage Blvd. 200 N. Volland 4812 W. Clearwater 8200 Gage Blvd 745 W. Court 1165 Jadwin 2 E. Kennewick 4605 Road 68 895 Stevens Dr
Price $1,800,000 $2,300,000 $19,000,000 $1,500,000 $1,800,000 $1,400,000 $1,500,000 $3,500,000 $1,500,000 $625,000 $1,800,000 $324,900 $1,200,000 $1,600,000 $405,000 $1,100,000 $324,900 $2,500,000 $350,000
SF 16,416 12,626 124k 11,000 25,139 18,694 9,500 8,446 7,003 6,838 6,531 6,360 5,407 5,380 4,600 4,532 2,144 8,517 712
-Data Courtesy o CoStar 2.23.21
Retail Economic Update
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Recent Retail Leases
Pending Sales Address 920 N. 20th 2417 W. Kennewick Av 4415 W. Clearwater 208 E. Columbia Dr. 3180 W. Clearwater 120 N. Morain
Ask Price $1,300,000 $1,130,000 $600,000 $485,000 $4,200,000 $1,750,000
DOM 371 46 531 896 3,002 29,294
Recently Sold Address Price 2615 W. Kennewick Av $675,000
Date 1.21
Rob Ellsworth | CCIM Senior Advisor 329 N. Kellogg Street Kennewick, WA 99336 509.430.2378 Rob.Ellsworth@svn.com All SVN® offices are independently owned and operated.