X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORANGE COUNTY, CA-Shopping center construction here rose sharply in the second quarter but lease rates at retail projects grew even faster, according to a new report by CB Richard Ellis.

Three new shopping centers were completed in the second quarter, the brokerage firm’s report says, pushing the county’s inventory of retail space up by 665,000 sf to a total of 71.5 million. That raised the countywide retail vacancy rate to 8.09% at the start of the third quarter from 7.51% in the first three months of the year.

Nonetheless, the report says, average asking lease rates rose 8% in the second quarter to $1.67 psf per month from $1.55 in the first quarter. Many retail outlets throughout the county have seen their sales skyrocket over the past several months, thanks to the region’s strong economy and record levels of consumer spending.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.