ORANGE COUNTY, CA—According to local industry sources, Orange County is on the up and up. Class A retail product in high-traffic locations—urban and strong suburban markets—saw strong demand in 2011, and will continue to lead the market in 2012.
In addition, this year's rise in demand will be driven by necessity chains and grocers that are reconfiguring dark big-box and community center space, a trend that took shape shortly after the recession and will offset the need for new supply in 2012, explains Joseph Cesta, regional manager of the Newport Beach, CA office of Marcus & Millichap. He cites Sprouts Farmers Market as an example of a chain that is transforming a former Borders in Yorba Linda, adding to a string of retailers such as Whole Foods and Total Wine & More that will absorb sites elsewhere.
The good news in Orange County is that most major retailers are looking at expansion strategies, Jeff Moore, senior managing director of retail in Southern California for CBRE, tells Real Estate Forum. "The big-box sector is very active today," he says. "There's a lot of activity absorbing the vacancies and there is good competition for the best spaces."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
