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Market Report

Orange County Retail Market Report

2Q 2023

Record Tourist Spending Fortifies Fundamentals in
California’s Tightest Retail Market

Removals and sparse additions contrast strong, in-place demand. Orange County noted the smallest delivery volume among major U.S. markets over the yearlong span ending in March. The lack of new space, amid a period of tight vacancy, is limiting options for prospective tenants and retailers mulling renewals. With the metro’s inventory expected to grow by 0.1 percent during 2023, and the active pipeline well-leased, this trend is positioned to continue. Planned removals could also reduce choices for retailers. Following the demolition of Laguna Hills Mall earlier this year, similar redevelopments are making their way through the approval process. A Macy’s and former Sears at Westminster Mall are slated for razing, as is a vacant JCPenney in the city of Orange. The Brea Mall is attempting to obtain mixed-use designation that would allow for the demolition and re-purposing of sites, including another former Sears. 

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