San Bernardino County Population Fuels Strong Retail Activity

Population growth and new housing development in San Bernardino County are fueling strong retail activity across the region. According to CBRE’s third quarter 2021 retail market report, net absorption, construction and lease rates have all increased this year.

The report posted net absorption for third quarter at 140,781 square feet. New construction for third quarter was 926,428 square feet, a significant increase from second quarter 2021 construction activity of 110,690 square feet. Lease rates continue to improve as well.

“Neighborhood grocery-anchored centers are on a huge uptick and fast-food quick service restaurants (QSR) are all expanding, thanks to an increased emphasis on eating out versus dining at home,” said Ryan Gast, vice president, CBRE.

He added that an influx of Millennials into the county is making a difference.

“Millennials on average tend to eat out rather than cook at home,” says Gast. “That’s a factor in this QSR sector’s expansion activity coupled with housing growth out here that is just outrageous.”

According to CBRE, the most active specialty grocers in the market include brands such as Grocery Outlet, Aldi, Sprouts and Amazon Fresh.