ORANGE COUNTY, Calif. -
March 28, 2018 -
PRLog -- What is the future of Commercial Real Estate in Orange County California? Large retail stores, such as Sears, Kmart, Toys R Us, Babies R Us, J.C. Penney, and Macy's are either reducing their number of retail stores or going out of business. Also, according to and article by the Wall Street Journal, about 400 of about 1100 shopping malls will close across the US in the near future.
E-Commerce websites like Amazon and mixed retail / e-commerce businesses like Walmart have changed how we shop and buy products. As large brick and mortar retail locations are contracting, there are two land use models that are increasing in popularity: industrial and entertainment.
Because of the higher use of e-commerce online shopping, there is an increased demand for logistics, distribution, wholesale, and warehousing. Cushman & Wakefield reported that US industrial markets absorbed 282.9 million sq. ft. of land in 2016 alone, and more is expected in the future.
Many cities are converting retail space into entertainment centers. Anaheim is increasing hotel occupancy rates near Disneyland. Buena Park is developing an entertainment zone near Knott's Berry Farm. Irvine has the Irvine Spectrum Center focused on dining and entertainment. These trends for commercial real estate land use seem to continue for some time into the future.
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