Driving around town, you may notice that some shopping centers have more vacancies than others, but the retail centers also boast many tenants which have been thriving in their current locations for many years. According to Costar, a leading national real estate analytics firm, the City has approximately 1.6 million square feet of retail space. RSM has historically enjoyed low retail vacancy rates of less than 5% since 2016.
Currently, approximately 55,800 square feet, or 3.6%, of retail spaces are vacant. Individual center vacancy rates range from 0 to 12%. If you ever want to review available retail space in the City, our website offers a free tool to research available properties. We provide this feature at no cost to assist businesses in locating available space within the City.
It is also interesting to note that over 50% of the retail vacancies throughout the City are in suites less than 2000 square feet. Larger vacant spaces, such as the former Aaron Brothers location, come along every few years and allow us to attract new larger retailers to fill any gaps we are currently experiencing. In comparison to other areas, the City has been fortunate to retain its big-box retailers and do not experience long-term vacancies in the larger spaces. As always, residents can support local businesses and help vacancy rates by shopping and dining locally. Shopping and dining at small local businesses and chain stores alike provide for local economic growth.
For more information, contact the Development Services Department at (949) 635-1800.
