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Market Report

Orange County Retail Market Report

4Q 2023

Obsolete Multi-Tenant Spaces Slated for Removal;
Single-Tenant Market Thrives in High-Traffic Areas

Redevelopment to mixed-use apparent. Orange County had the second-lowest multi-tenant vacancy rate among major California markets in June at 5.0 percent. While big-box closures may place some upward pressure on vacancy, leases recently signed by Savers, EOS Fitness and ACE Hardware for 20,000-square-foot-plus floor plans suggest shuttered spaces should be backfilled over the near term. A limited construction pipeline and obsolete space being removed from the market will also aid the segment going forward. Proposed redevelopment and demolition projects have been on the rise, highlighted by the razing of the Laguna Hills Mall and the proposed revamping of Westminster Mall and South Coast Plaza Village.

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