Market Continues Positive Activity To End 2018
Greater Los Angeles Retail Market:
The Los Angeles Basin retail market closed the fourth quarter on a positive note as net absorption recorded 520,300 square feet. An additional 431,100 million square feet was delivered to the base with new construction completions. The Inland Empire market had the highest amount of new construction deliveries, recording 342,700 square feet, with Los Angeles following with 67,100 square feet and Inland Empire recording lowest with 21,300 square feet. Two of the three counties recorded positive tenant movement with Inland Empire recording the highest at 569,700 square feet of net absorption and Orange County following at 98,300 square feet. Los Angeles County recorded negative movement at 147,700 square feet following suit.
The Greater Los Angeles retail market is comprised of 474 million square feet of multi-tenant shopping centers and single-tenant properties. Community and neighborhood centers represent the majority of space (38%) among the different property types. The market attracts both affordable retailers and high-end stores due to a population that demands a wide variety of product. High median income households and strong population growth contribute to make this region attractive to retailers.