With a diverse portfolio of leasing and managing assignments, Coreland teams are focused on issues and trends regarding Southern California retail on a daily basis. Quarterly we present the statistics through our Quarterly Retail Roundup, and consult our ‘boots-on-the-ground’ for their view of the marketplace. This quarter we asked Vice President Ben Terry and Real Estate Manager Candice Amigable to share their thoughts on Retail Growth & Housing and Public Safety.
Ben Terry, Vice President, Retail Brokerage
RETAIL GROWTH & HOUSING: Retail is currently being driven by three factors: renovations of existing shopping centers, infill development of underutilized parcels, and new construction of retail to support growing multifamily markets.
New retail construction is most evident across the Inland Empire, in areas like Menifee, Temecula and Eastvale where the housing market has nearly recovered and more than 1 million square feet of retail is in planning or under construction. The Inland Empire’s vacancy rate dipped below 8% at the end of third quarter, which is among the lowest recorded according to CoStar.
The Glen at University Park and The Shops at University Park in San Bernardino is a great example of recently-completed needed housing, and 18,000-square-feet of supporting retail due to be completed in 2017.
Candice Amigable, Real Estate Manager
PUBLIC SAFETY: Retail centers, specifically destinations with great visibility, are an ideal location for planned activities by political groups and a variety of solicitors. While California law requires owners to permit a certain level of activity at retail centers, it is important that property management teams take the necessary steps to protect the property and the safety of its customers. Controls can be placed on specific locations and timing designated for solicitation and public rallies. Having policies in place in advance helps avoid being challenged after the fact.
A good working relationship with the police department is key. In addition, keeping a watchful eye on social media is a necessity today. For those centers with an active online presence, monitoring activity on social media can give you the awareness needed to prepare for any surprises.
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