Straight from the mouth of Fred Meyer development directors regarding the Hawks Prairie area just north of Lacey, WA they have identified this as a "over-retailed" corridor based on demographics alone. To give you some perspective here is an abbreviated version of the whole story -
Hawks Prairie has grown tremendously over recent years and the boom has seen retail landlords scrambling to pick up as much dirt as possible to land the next big box or brand name client. This cut throat industry is mind numbing when you consider some of the updated statistics on how many developments are coming out of the ground.
One of the major developers "donated" 25 acres to Cabela's to draw them in, although that wasn't enough, the City of Lacey also had to provide $10M in improvements in that ultimately will come from taxpayers.
That development has over 3,000,000 SF of retail/office space available for lease.
Directly East of this is a 35 acre site that has 350,000 SF for lease and sits right on the interchange.
North of this is another site approximately 9 acres that has space for lease.
A national developer has a 20 acre chunk up for lease just NW of this particular space.
We already have Costco, Home Depot, Walmart, Safeway, LA Fitness, and many other national retailers in the market......who else do they think they are going to fill these spaces with???
Are we over retailed? Or will this turn into the "Field of Dreams" and "If you build it, they will come?"
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