The retail real estate sector in Orange County is performing better than most markets in the nation, according to a recent report. The county is the top retail market in the country to watch, said Sperry Van Ness.
Vacancy rates fell below five percent last year, dropping 200 basis points over the last two years. Meanwhile, rents rose 8.1 percent over the year, said data provided by Chandan Economics.
These strong numbers have prompted major retail real estate owners to renovate some significant properties in the county. South Coast Plaza and Brea Mall have both had upgrades recently.