Leased retail inventory is getting low and buyers are looking in the market for good options. If you’d consider selling, let's discuss value and how to get in-front of qualified buyers in the market.
RETAIL PROPERTY MARKET UPDATE
Recent Retail Leases
SVN Retter & Company | Your Tri.Cities Market Leader | Winter 2020
Retail Economic Update Hot off the press from SVN International’s Research Team! • According to Moody’s Analytics / REIS reporting, signs of distress are spreading in the retail sector. The sector’s vacancy rate rose by 0.2% to 10.4% in the third quarter, reaching a seven-year high. • Average asking rents declined 0.1% from the previous quarter for the sector as a whole. • For mall assets, asking rents declined by a more significant 0.7%, eclipsing the total decline measured in all of 2010. • At the metro-level, Moody’s / REIS notes that 56 metros saw an uptick in retail vacancies in Q3, though all but one increased by less than 1%. • The report notes that while distress is becoming more apparent, the observed levels are still below what market watchers had expected to see at this point. • There is a rising sense that a new wave of store closures may follow the conclusion of the holiday shopping season, absent a new comprehensive stimulus package.
On The Market Address 3180 W. Clearwater 3600 W. Clearwater 103 N Ely 120 N Morain 3405 W. Court 404 N. Oregon 920 N. 20th 140 W. Gage 4415 W. Clearwater 4605 Road 68 240 N. Ely 4307 W. Court 1215 S. 10th 8108 Gage Blvd. 607 N Oregon 1515 Wright 2 E. Kennewick 901 Aaron Drive 200 N. Volland 4812 W. Clearwater 228 N. Benton
Price $4,200,000 $2,300,000 $19,000,000 $1,750,000 $1,800,000 $1,400,000 $1,300,000 $3,700,000 $600,000 $2,500,000 $1,500,000 $625,000 $397,000 $1,800,000 $1,500,000 $295,000 $324,900 $3,500,000 $324,900 $1,200,000 $385,000
SF 42,402 12,626 124k 29,294 25,139 18,694 15,344 13,805 10,008 8,517 7,003 6,838 6,785 6,531 3,500 2,400 2,144 8,446 6,360 5,407 1,956
-Data Courtesy of CoStar 12.11.20
Location Gage Sandifur Union St. Gage Clearwater Vista Way Vista Way Clearwater
Rate $21/sf $18/sf $18/sf $17/sf $14/sf $11/sf $12/sf $13/sf
SF Term 1,342 6 yrs 7,338 3 yrs 1,048 5,014 1,525 950 1,400 2,566
Recently Sold Address 1901 Steptoe 1840 W. Court 5215 W. Clearwater 5211 W. Clearwater 201 N. Edison 1107 W. Columbia Dr. 3801 Van Giesen 1935 W. Court
Price $4,400,00 $1,600,000 $3,400,000 $789,200 $2,800,000 $800,000 $315,000 $1,400,000
Date 11.20 11.20 10.20 10.20 10.20 10.20 9.20 9.20
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.