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Market Analysis <br /> <br />CBRE VALUATION & ADVISORY SERVICES 19 © 2025 CBRE, INC <br /> <br /> <br />The submarket is projected to achieve average asking of $34.11 per square foot at the end of the current <br />year, which represents an increase from the previous year’s asking rent of $33.36 per square foot. The <br />submarket is projected to achieve average asking rent of $35.27 per square foot, reflecting an increase <br />from the current year. <br /> <br />As of Q2 2025, the average asking rent was reported at $33.69 per square foot per year which is a slight <br />increase from $32.80 the year prior. For 2023, an increase of 3.53% was reported for asking rents and an <br />increase of 3.73% was reported for 2024. An increase of 0.67% is projected for 2025. While average <br />asking rents have shown increases since 2023, this is tempered slightly by limited new completions <br />reported in 2024. There was 3,000 square feet of new retail space completed in Q1 2025, and no new <br />completions in Q2 2025. Absorption was positive in Q1 2025, but negative in Q2 2025. Absorption was <br />negative overall for 2024. While rental rates are seeing growth, this is tempered by the negative absorption <br />rates. Occupancy rates have been relatively stable since the beginning of 2024. Overall, this indicates a <br />relatively stable retail market. <br /> <br />  <br />  <br />City Council 17 – 35 2/17/2026