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Retail Report: Spacing Out

WASHINGTON DC 10.19.2017

THE FAIRFAX COUNTY STATE OF THE MARKET

Development Pipeline and Current Projects

Katherine Bonnafé -- Combined Properties
Greg Trimmer -- JBG SMITH
Alex Nyhan -- First Washington Realty
Retail Report:  Spacing Out
Fun fact: Every man, woman, and child in the state of Washington is privy to 20.7 SF of retail space. Sure, that sounds impressive, says Cushman & Wakefield retail guru Susie Detmer, but in reality "it's woefully inadequate." (Where will we keep all our shoes?)
Cushman & Wakefield's Susie Detmer at the Washington Athletic Club.
Here's Susie, just after she finished dazzling the crowd at a recent CREW luncheon. To catch up to the national average, Washington needs another 24M SF of retail development (the equivalent of another 12 Alderwood Malls or 24 WalMart Superstores). So: Bring on the builders! Susie also says that Zara, following the footsteps of H&M four years ago, is looking at spaces in Seattle. (Finally. It's getting tiring driving up to Vancouver to shop there.)

A Zara store.
Hot spots for retail? Eyes on Bellevue, Susie says. Expect Bellevue Square to expand southward eventually, engulfing the old Safeway store on 4th Avenue and Bellevue Way. "I've seen the plans, and they're pretty cool," Susie confided. But Kemper Development wants to get it preleased before they break ground (memo to Zara), so it's still a few years out. Susie, who was introduced as having 30 years of experience in the business, quickly disabused us as to how she came to have that: "I started when I was six," she said. (The Doogie Howser of retail real estate.)
Related Topics: Bellevue Way