Orange County Retail MarketView Insert Q1 2021
May 26, 2021
Quarter-over-quarter vacancy increased by 30 basis points (bps) to 4.3% due to slowed leasing activity and ongoing retail closures from major companies like Forever21 and Dick’s Sporting Goods.
The average asking lease rate dropped 1.1% year over year to $2.82 per sq. ft. Leasing activity has slowed significantly as retailers recover from the effects of the pandemic.
Orange County’s average asking lease rate dropped 1.1% year over year to $2.82 per sq. ft. A fall in leasing activity triggered the decline in the asking lease rate.