Anyone have an approximation for what market rate is for TI ($/sf), and LC in the Seattle area? Mixed-use apartment ground floor retail. Any guidance is appreciated, doesn't have to be too specific, but if you could provide a source to reference that would be a major help. Happy holidays everyone.
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Louis Winthorpe III, sorry there are no responses yet. Maybe one of these topics can point you in the right direction:
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Is this first generation retail space? Renewal? Depends on location but I’ve seen as high as $100/sf in CBD first generation space. That was retail downtown in a new tower however. We typically underwrite $40/sf on first generation and $10/sf on renewals/existing space. Just finished a deal in DuPont (40 minutes south of Seattle) and saw $20/sf TI negotiated on a new lease in existing space. I’m a multi guy that deals with a lot of mixed use but honestly we usually go to our retail team for anything more specific than the above. Hope this helps.
Thanks for the insight BraveSock. The space is renewal. Got some guidance from an appraiser as well and the range is pretty wide. Your 20/sf is pretty smack in the middle of what the appraiser said on renewal as well. Guidance was $5/sf to 40/sf depending on tenant quality, terms, and finish. Sorry for the delay, have an SB on me.
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