California Leads U.S. Retail Markets
California-based retail markets ranked among the nation’s strongest, according to a new report by Encino, Calif.–based researchers Marcus & Millichap Real Estate Investment Brokerage Company.
Despite a lackluster economy, the state’s retail markets outperformed most others around the country because of stable employment, favorable vacancy rates and prospects for rental growth, the report said.
Orange County ranked second behind Washington, D.C., San Diego County ranked third, Los Angeles County ranked seventh, and the Inland Empire ranked ninth in Marcus & Millichap’s national retail index, which ranks 38 retail markets around the country based on a series of economic indicators.
Other top markets included Boston, which ranked fourth; Fort Lauderdale, Fla., which ranked fifth; San Francisco, which ranked sixth; West Palm Beach, Fla., which ranked eighth; and Sacramento, Calif., which ranked 10th.
Marcus & Millichap Chief Executive Officer Harvey E. Green said California has enjoyed strong investor demand, as evidenced by the number of retail purchases in recent months.
The report said that while the Inland Empire has experienced a slowdown in job growth and increased vacancies, it is still strong compared to other markets around the country. —Robert McAllister
