Seattle-Tacoma Retail Market Report

Construction returns to select suburbs. Retail deliveries this year form two clouds of projects: one in the Tacoma area, between Spanaway and Maple Valley, and another on the market’s north side. The latter, between Redmond and Everett, expects the majority of 2025’s construction slate — about 190,000 square feet, mostly in neighborhood centers. Outside these areas, the continued absence of new supply will benefit existing properties. In Downtown Seattle, the city council has proposed eased permitting requirements for businesses moving back into vacant spaces after having not incentivized retail construction as much as other property types in the past. This may attract occupants in the long term. Metrowide, 2024’s net relinquishments will likely continue this year, with shopping centers so far accounting for about half of vacated space.