Market Data

Regional Outlook


Seattle's Big Deal
In a former sushi restaurant in Seattle's  University Village Shopping Center, Amazon opened its first-ever physical bookstore last November. At 5,500 sf and about 2,000 sf for storage, it is about the size of a traditional independent bookstore, but woefully smaller than the 40,000 sf that Barnes & Noble occupied in the shopping center until 2011.

While Amazon is not squandering square feet on physical book selling, it continues to gobble up office space in Seattle's CBD. After signing a lease for an entire city block next to its headquarters, Amazon is on track to own or lease about 10 msf in the downtown - about 25 percent of Seattle's class A office space. It has put a rent-growth squeeze on other office tenants as CBD rents have increased from $32.12 at year-end 2014 to $37.39 in 3Q15. But that could change. According to Kidder Mathews, Amazon has already identified 9.8 msf for occupancy by 2019, pretty much removing itself from the future leasing equation. With about 9 msf under construction and only 60 percent of it pre-leased, Seattle's office rent growth curve may flatten a bit in 2017.





“As the traditional tech markets like San Francisco and New York become increasingly unaffordable for younger firms, markets like Denver, Boulder, Nashville and Salt Lake City are poised to capture the next wave of tech demand.”
 - JLL Technology Office Outlook





Macy's Opens Off-Price Stores
Macy's has opened six off-price Macy's Backstage in the new York area, and has plans to open 50 more nationwide in the next two years. At least 10 of those stores will operate in current Macy's stores, occupying 20,000 to 35,000 sf of existing space. At the same time, Macy's is closing 35 to 40 of its underperforming department stores, which will not help struggling shopping centers where they are located.

Continue Reading

Education Course Ad 300x250 PNG 2

Advertise with Us

Reach more than 45,000 top-performing commercial real estate professionals with CIRE magazine’s print, podcast, and online offerings.

Download the Media Kit

Ad: CIRE Podcast


This Is the Altered Normal

Fall 2020

Esri’s data on consumer behavior, demographics, and employment can help real estate adapt in the COVID-19 world.

Read More

Building Progress

Fall 2020

Moody's Analytics Reis Chief Economist Victor Calanog, Phd, CRE, outlines how construction in many sectors will fail to meet expectations for 2020.

Read More

Market Trends in Commercial Real Estate

Summer 2020

Office Renters Change Priorities in Wake of Pandemic | Recreational Real Estate on the Rise | Case Study: COVID-19's Impact on Eastern PA Big-Box Market | Hospitality Owners Have Reservations as Occupancy Drop | Seniors Housing Responds to Mounting Pressure from Pandemic | Mixed-Use Developments Can Keep It Local | Supply Chain Reacts to Social Distancing | Self-Storage Weathers Early COVID-19 Storm

Read More

The CMBS Stress Test

Summer 2020

The commercial mortgage-backed securities market is particularly vulnerable amid the COVID-19 pandemic, with borrowers and lenders looking for creative solutions to unprecedented problems.

Read More