Seattle Mixed Use Retail Market Info

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.

Comments (4)

Dec 31,2017

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Best Response
Dec 31,2017

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.

Jan 31,2018

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.

Jan 31,2018