Broadway Corridor Retail Strategy
The Capitol Hill Chamber of Commerce engaged KidderMathews to update its 2007 Retail Strategic Plan (2007Report) for the Broadway Retail Corridor (Corridor). TheCorridor runs along Broadway Avenue East (Broadway)and is bounded by East Union Street to the south andEast Roy Street to the north, as shown in Exhibit E1. Thework includes an assessment of the existing space market,an assessment of current demographics, a contrast ofthe current retail environment with the past, and makesstrategic recommendations as to how the Chamber canaffect positive change.
RETAIL SPACE MARKET
The Corridor represents one of the strongest neighborhoodretail markets in Seattle. The Corridor itself containsapproximately 465,000 square feet of retail space, about60,000 square feet of which is less than ﬁve years old.The Corridor’s strong rental rates ($30-$40 per squarefoot) and low vacancy continues to drive development.There is currently 16,500 square feet of retail space underconstruction within the Corridor, and at least one additionalproject under consideration.
The Corridor’s Primary Market Area (PMA), outlined inwhite in Exhibit E1, roughly represents the geographicarea that is easily accessible to the Corridor by foot. ThePMA has one of the highest population densities in thestate with almost 28,000 residents per square mile. Ascompared to the City of Seattle (City) as a whole, the PMA has a high percentage of renter occupied households,a small average household size, and a high percentageof residents with college degrees. It also has a youngresidential population; in fact, over 40% of all residents inthe PMA are between the ages 25 and 34 years old. ThePMA’s median household income is relatively low; however,within the PMA median incomes increase signiﬁcantly fromsouth to north. With an estimated 10,000 employees andover 8,000 full time students, the PMA also beneﬁts from asigniﬁcant non-residential population.
Exhibit E1- Broadway Retail Corridor