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Retail Market to be Steady, Not Spectacular

ORANGE COUNTY, CA-A new Marcus & Millichap report says 2.9 million sf of retail space will be delivered here this year, roughly matching demand. More properties could be put up for sale as owners try to cash-in their equity gains.

By Erin Cassin | Updated on May 04, 2001

ORANGE COUNTY, CA-A new brokerage study predicts Orange County’s market for retail property will be good but not spectacular over the rest of the year, as problems caused by a slowdown in consumer sales are softened by the fact that relatively little speculative construction is taking place.

About 2.9 million sf of new retail space will be completed in Orange County this year, according to the report by the local office of Palo Alto-based Marcus & Millichap Real Estate Investment Brokerage Co. But most of the space has been preleased, the study finds, so overbuilding isn’t a major concern.

The county’s overall retail vacancy rate will be about 8.5%, not much different than last year, says John Przybyla, the Marcus & Millichap regional manager who helped to prepare the report. But there will be plenty of properties put up for sale, he adds, as owners seek to cash-in on the long run up in retail real estate values.

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