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Note that food and beverage sales, drug/health stores, entertainment and gas <br /> stations/convenience stores all showed increased sales throughout the period. Food <br /> service sales showed only slight decline for 2007 to 2010. These sectors are the major <br /> tenant categories in a neighborhood shopping center or convenience center. The outlook <br /> for these uses as part of mixed-use development is very positive. <br /> E-commerce and mail order tripled its share of Everett taxable retail trade, but still <br /> represented only 1.4%. <br /> MARKET STATISTICS <br /> Market reports for the regional retail market identify slow but steady improvement in <br /> absorption, particularly food store-anchored neighborhood centers. According to Kidder <br /> Mathew's Seattle Retail Real Estate Market Review Third Quarter 2011, rents in the <br /> region have declined by 2.2%. Rents in suburban grocery-anchored centers range <br /> between$20 and $35/sq.ft./year triple net(tenant pays operating expenses). <br /> Market conditions within Everett and its sub-areas have been derived from data on 149 <br /> retail buildings currently for lease, as listed by Officespace.com. The buildings were <br /> sorted geographically, and rent and vacancy conditions are summarized in Table 10. <br /> Table 10 <br /> Everett Retail Market <br /> Vacancy and Rental Rate Summary <br /> Rental Rates <br /> Vacant Space Range Median <br /> Downtown 122,072 $6 to$22 $14.00 <br /> Evergreen Way North 81,399 $8 to$22 $13.00 <br /> Evergreen Way South 1 16,68 8 $12 to$25 $15.00 <br /> Everett Mall Area 200,212 $12 to$30 $17.00 <br /> Broadway 41,927 $6 to$15 $11.00 <br /> 19th Ave. SE 22,871 $12 to$19 $18.00 <br /> SW 128th St. 29,885 $13 to$30 $16.00 <br /> Total 615,054 <br /> Source: Officespace.com, Property Counselors <br /> As shown, the area with the most vacant space is the Everett Mall area, followed by <br /> Downtown and Evergreen Way South (south of Casino Road). Rental rates are as high as <br /> $30 per square foot per year in the Everett Mall area and at SE 128th, but median rents <br /> vary by area from $11 to $18. Asking rents for the mixed-use building Potala Village in <br /> Downtown are $22 per square foot. <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 29 <br />