Retail Vacancies Create New Opportunities | Summer 2023
Summer 2023 Allen Matkins/UCLA Anderson Forecast California CRE Survey
8.02.23
Developers remain on the sidelines with regards to retail. While the 2023 Summer Forecast projects a new development cycle before mid-2026, the number of new developments planned for the coming 12 months represents a decline from that reported as planned in the 2022 Summer Survey. This is particularly true in Northern California, where developers remain most pessimistic about the sector.
The sector has experienced record bankruptcies and store closings in the past year, sparking competition for vacant space among growing retailers seeking expansion opportunities.
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