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SEATTLE Cushman & Wakefield Global Cities Retail Guide SEATTLE Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Seattle | 2019 0 Home of retail giants Amazon, Nordstrom, and Starbucks, Seattle is one of the hottest retail cities in the U.S. and offers a wide variety of shopping and dining options for locals and tourists alike. Seattle's retail corridor, bound by Fourth Avenue to Sixth Avenue and University Street to Pine Street, is home to such retailers as Barneys New York, Nordstrom's flagship store, Gucci, Louis Vuitton, Niketown, AllSaints, Banana Republic, and Zara. Pike Place Market is one of the most heavily trafficked tourist attractions in the city, with over 10 million annual visitors. Internationally known for its "flying fish”, the market has been serving locals and tourists since 1907. Located on the Puget Sound, Seattle is an ideal location for trans-Pacific and European trade, with the fifth largest container port in the United States. With a low unemployment rate and job growth exceeding the U.S. average, Seattle is one of the healthiest markets in the nation. Steady job growth has boosted consumer spending levels, which are expected to maintain their upward momentum. Since 2010, retail sales have SEATTLE increased 38% and retail occupancy has held steady at 97%, according to the Downtown Seattle Association. OVERVIEW Cushman & Wakefield | Seattle | 2019 1 SEATTLE KEY RETAIL STREETS & AREAS DOWNTOWN SEATTLE PIONEER SQUARE Downtown Seattle is home to Westlake Center and Pacific Pioneer Square, at the south end of downtown Seattle, is Place, large shopping centers with a variety of shops and a historic district that is home to art galleries, sports bars, places for dining and entertainment. Encompassing nightclubs, bookstores, and tourist shops. The area caters several blocks, this area includes department stores such primarily to tourists and sports fans, serving as the as Nordstrom's flagship store and Macy's, specialty and gateway to the city's two major sports venues, T-Mobile luxury retailers, value retailers, residential and commercial Park and CenturyLink Field. The ongoing removal of the buildings, hotels, and the Washington State Convention Alaskan Way viaduct (due to complete in the summer of Center (which will add approximately 250,000 sf of exhibit 2019) and construction of its replacement tunnel (which space, 125,000 sf of meeting rooms, and a 60,000-sf opened in February 2019) have had an impact on the ballroom by 2021). area, causing a decline in retail leasing activity. PIKE PLACE MARKET UNIVERSITY DISTRICT Pike Place Market is one of the oldest continually As its name would imply, the University District is located operated public farmer's markets in the nation, where adjacent to the University of Washington's 703-acre shoppers can watch fish merchants cut and toss fish to campus and its 48,000 students. It caters to a youthful entertain shoppers. Fresh seafood, local restaurants, crowd and offers affordable eats and shops in a more laid- specialty craft booths, and a prime location overlooking back atmosphere. The University Village shopping center Elliott Bay, make this a great attraction for visitors and includes a variety of upscale shops, independent locals alike. boutiques, national retailers, and local restaurants that attract students, tourists, and the neighboring residential population. FREMONT/BALLARD Fremont and Ballard, in the northwestern part of Seattle, are neighborhood shopping areas that attract locals interested in fashion and upscale dining but prefer nearby neighborhood boutiques and restaurants over downtown Seattle's offerings. These affluent neighborhoods are made up of upscale boutiques, local restaurants and bars, and home furnishing and specialty crafts stores. Cushman & Wakefield | Seattle | 2019 2 SEATTLE KEY RETAIL STREETS & AREAS SOUTH LAKE UNION UNIVERSITY VILLAGE South Lake Union, on the north end of the downtown core, University Village is the premier upscale, open-air mall in has emerged as one of Seattle's fastest growing the Seattle area. Located in the Ravenna neighborhood neighborhoods, with a well-defined live-work-play culture. northeast of downtown, near the University of Washington Amazon’s expansion of its corporate headquarters and campus, it features exterior storefronts, covered rapid gentrification have transformed this former industrial sidewalks, and an abundance of free parking—making it area into a hub for technology and life sciences more convenient than shopping downtown. Tenants organizations and a variety of bars and restaurants. include national retailers such as Crate & Barrel, Gap, Retailers in this area cater to the daytime population that H&M, and American Eagle, and many locally-owned has migrated here the past few years and filled up the boutiques such as Eddie Bauer, glassybaby, and Tommy recently constructed apartment and condo projects. Bahama. Dining options are plentiful, with Piatti, JOEY Facebook, Google, and Expedia are all relocating and/or Kitchen, Ram Restaurant & Brewery, and Elemental expanding into the neighborhood in 2019 and 2020. Wood Fired Pizza among the local favorites. Amazon opened its first physical storefront at U-Village in November 2015. PACIFIC PLACE Pacific Place is an upscale shopping center that has been a staple of the downtown retail corridor since 1998. The center includes high-end retailers such as Barneys New York, Kate Spade, Coach, Michael Kors, and Tiffany & Co. A skybridge connects the center directly to the flagship Nordstrom store. Washington, D.C.-based Madison Marquette purchased Pacific Place for $271 million in 2014. Cushman & Wakefield | Seattle | 2019 3 SEATTLE MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 2,000 SIZES CENTERS SQFT Downtown Seattle Upscale, Tourists, Nordstrom flagship, Urban Outfitters, Aerlume, Andare, Ben Paris, Bar $40-$75 psf All sizes Mass Market, Barneys, Macy's, Gap, Banana Mercato, Dough Zone CBD Employees Republic, Niketown South Lake Union Urban, Young REI flagship, Whole Foods, urban Jack’s BBQ, La Palmera $45-$55 psf All sizes Adult furniture stores (Summer 2019), Lassi & Spice, Shake Shack, Urban Gyro Fremont/Ballard Casual, Hipsters, Independent boutique shops Baker’s, Hannyatou, Lucky $25-$35 psf 1,000 sf - 5,000 sf Local, Young Santo, Sawyer, Schmaltzy’s Families Pike Place Market Tourist Food retailers, eclectic independent Joe Chocolate Co. $35-$48 psf 1,000 sf - 5,000 sf boutique shops Pioneer Square Urban Casual, Independent boutique shops Bisato, General Porpoise, $21-$32 psf All sizes Artists Jujubeet University District Students, Pottery Barn, Crate & Barrel, Bistro Shirlee (Spring 2019), $25-$38 psf All sizes Upscale, Families Williams Sonoma, Gap, H&M, Koa, Little Duck, The multiple boutique shops Mountaineering Club, Shake Shack (Spring 2020) Cushman & Wakefield | Seattle | 2019 4 SEATTLE FOOD & BEVERAGE Seattle serves as a mecca for local Not only does Seattle offer a variety of upscale local and national restaurants, but many urban neighborhoods and international foodies alike. Its outside of the downtown core have opened up dozens of location on the Puget Sound offers casual cafes and bistros that offer dishes featuring fresh, easy access to fresh produce and local ingredients. In addition, the city's rich diverse population offers an assortment of ethnic food options seafood, and provides a variety of including Vietnamese, Japanese, Indian, Middle Eastern, dining attractions. Ethiopian, Southeast Asian, Scandinavian, and European. Seattle is home to several restauranteurs and chefs who Although Seattle is home to Starbucks, the city offers a have garnered national and international attention. Tom diverse array of artisanal coffee shops such as Caffé Vita, Douglas (2012 James Beard winner, Outstanding Uptown Espresso, Caffé Ladro, Victrola Coffee Roasters, Restaurateur) owns nineteen Seattle-area restaurants and Espresso Vivace, Tougo Coffee Co., and Elm Coffee has a partnership with Nordstrom. Ethan Stowell (2017 & Roasters. New-to-market brands and concepts in the fast 2019 James Beard semifinalist, Outstanding casual/quick service category include Little Big Burger, Restauranteur) operates fifteen local restaurants, Bonchon, Izumi Ramen, Urban Gyro, Bopbox, Menya including Cortina and Super Bueno, both of which opened Musashi Niten Ichiryu, among others. in 2018. Michael Mina (2002 James Beard winner, Best Chef: California) has owned and operated popular upscale RN74 in the heart of the retail and financial core since 2011. Matt Dillon (2012 James Beard winner, Best Chef: Northwest) is owner/chef of Sitka & Spruce, Bar Ferdinand, and others. Maria Hines (2009 James Beard winner, Best Chef: Northwest) has won several awards for her certified organic Tilth Restaurant, which was deemed one of the best new restaurants in the country by the New York Times when it opened in 2008. Edouardo Jordan (2018 James Beard winner, Best Chef: Northwest) is the owner/chef of Salare, JuneBaby (2018 James Beard winner, Best New Restaurant), and Lucinda Grain Bar, all located in the Ravenna neighborhood adjacent to the University District. Cushman & Wakefield | Seattle | 2019 5 SEATTLE FOOD & BEVERAGE MARKET OVERVIEW KEY AREAS CONSUMER FOOD & BEVERAGE OPERATORS RENT FOR PROFILE INCLUDING 3,500 SQFT UNIT Etta's, Metropolitan Grill, Elliott's Oyster House, Shiro's, Dahlia Lounge, Purple Café, Upscale, Tourists, Downtown Seattle RN74, Cortina, The Capital Grille, Palomino, $28-$60 psf Professionals
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