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Retail Thriving in Downtown

SAN DIEGO-New research on Downtown shows that only 202,232 sf is available in a market that currently encompasses more than three million sf of retail space.

By Erin Cassin | Updated on November 09, 2003

SAN DIEGO-Downtown’s retail market continues to thrive, as a new report notes that this particular sector is currently experiencing a vacancy rate of just 4.3%.

According to the research, which has been recently published by Burnham Real Estate, only 202,232 sf is available in a market that currently encompasses more than three million sf of retail space. “The Downtown retail market is thriving, supported by blocks of new for-rent and for-sale housing that is catering to higher income groups, as well as to the national recognition that the area is on its way to becoming a thriving 24/7 district,” says Bill Shrader, a vice president with Burnham’s urban retail advisors team.

When it comes to Downtown retail, perhaps the most successful neighborhood is the Gaslamp Quarter. The area is currently experiencing a vacancy rate of 1.7%, with interest beginning to grow in the popular 5th Avenue restaurant corridor, Burnham’s researchers say. Rental rates along this street are currently approaching $4 per sf, they add. And as the high rents push out less successful restaurants, new retailers are waiting in the wings to gobble up the space. “The restaurant spaces being left behind are being snapped up by retailers who want be part of the 5th Avenue synergy,” Shrader points out. New tenants that have recently inked leased here include Quiksilver and Puma.

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