ORANGE COUNTY, CA—According to localindustry sources, Orange County is on the up and up. Class A retailproduct in high-traffic locations—urban and strong suburbanmarkets—saw strong demand in 2011, and will continue to lead themarket in 2012.
In addition, this year's rise in demand will be driven bynecessity chains and grocers that are reconfiguring dark big-boxand community center space, a trend that took shape shortly afterthe recession and will offset the need for new supply in 2012,explains Joseph Cesta, regional manager of the Newport Beach, CAoffice of Marcus & Millichap. He cites Sprouts Farmers Marketas an example of a chain that is transforming a former Borders inYorba Linda, adding to a string of retailers such as Whole Foodsand Total Wine & More that will absorb sites elsewhere.
The good news in Orange County is that most major retailers arelooking at expansion strategies, Jeff Moore, senior managingdirector of retail in Southern California for CBRE, tells RealEstate Forum. "The big-box sector is very active today," he says."There's a lot of activity absorbing the vacancies and there isgood competition for the best spaces."
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