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Retail Solid But Awaits Recovery

ORANGE COUNTY, CA-Retail properties will continue to perform solidly here in 2003, says a new report, and shopping centers continue to grow in popularity with investors. The report says the best performing market is central Orange County.

By Bob Howard | Updated on December 04, 2002

ORANGE COUNTY, CA-Retail properties will perform solidly in Orange County in 2003, with shopping centers expected to remain popular with investors as the market absorbs new space despite the sluggish economy, according to a new study.

The report by Marcus & Millichap says retail centers in the county “have performed relatively well during the recent period of economic weakness,” and it anticipates that the average vacancy rate in retail properties will stand at 4.8% at the end of 2002, up from 4.2% at the end of 2001. The county is expected to finish the year with net absorption of space, but the higher vacancy rate will reflect the 3.5 million sf of new space completed during the year. Investors are aggressively pursuing retail properties, the report notes, with underperforming strip centers being the big seller in 2002.

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