John Sechser is a well-known fixture on the CRE retail scene, having recently joined TRI.
WALNUT CREEK, CA—Third quarter 2018 marked the lowest downtown Walnut Creek retail vacancy rate in more than a year. Vacancy dropped from 4.6% in the second quarter to 4.5%, according to John Cumbelich & Associates' third quarter retail report.
The downtown market continues to attract new-to-market users, with retailers such as Blaze Pizza and Madison Reed signing leases in third quarter. Heritage Eats, a Napa Valley-based concept, also opened during the quarter.
As existing vacancy continues to absorb, there are significant new retail developments either underway or ready to break ground in the coming fiscal year, says the report. And with Broadway Plaza's ongoing construction decreasing due to the third quarter completion of the new Apple Store, additional construction is anticipated as new downtown retail inventory breaks ground.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
