Retail Market Overview

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Przybysław Zalewski
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1 Walnut Creek Downtown Retail Market Overview Ends with Increase In Occupancy Rates

Retail Trade Areas Retail Area Total SF Vacant SF Vacancy Rate Broadway Plaza,,.% Historic Downtown,,.% West of California,,. Plaza Escuela/Talbots,,.% Target,. East of Broadway,. Olympia Place,.

2 Retail Trade Areas Retail Area Total SF Vacant SF Vacancy Rate Broadway Plaza,,.% Historic Downtown,,.% West of California,,. Plaza Escuela/Talbots,,.% Target,. East of Broadway,. Olympia Place,. The Corners,. North of Civic,. Main Street Plaza,,.% South of Newell,. Newell Promenade,,.% Total,,,.% Q Summary: Downtown Walnut Creek Ends with Increase In Occupancy Rates The downtown Walnut Creek retail market recorded its largest net absorption of space over the past six quarters during Q. Overall vacancy in Downtown Walnut Creek reached a peak of.% during Q, the highest level in years. After achieving positive net absorption of, SF in Q, Downtown Walnut Creek ended with an overall vacancy rate of.%. Although Walnut Creek occupancy rates remain healthy, vacancy rates have steadily increased over the past four years. With retailers relocating to the expanded Broadway Plaza and rental rates increasing in recent years, the Historic Downtown experienced continued leasing challenges. Historical intersections such as Locust & Cypress that were once known as prominent dining destinations have been left with more spaces vacant than occupied. Furthermore, new mixed-use projects such as Agora at South Main and Lyric have contributed to the steady increase in vacant inventory in Q. With new mixed-use projects continuing to break ground in the downtown market, supply has exceeded demand. The newest mixed-use project to commence marketing is the proposed N. California complex. The subject property is a former McDonald s site that will be converted to into a mixed-use retail and multifamily development. Overall WC Downtown Vacancy Rate % % % % % % Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q,,,,, Broadway Plaza experienced the most leasing activity, as Macerich signed leases with concepts such as Peloton, Alex & Ani, Lovesac, Shade Store, Soft Surroundings and Untuckit. Napa Valley eateries such as Heritage Eats and Bounty Hunter have also signed leases in the New Downtown. Although we anticipate these new-to-market restaurants will perform well in the downtown market, additional restaurant competition in the New Downtown may continue to plague Historic Downtown restaurant owners and landlords. Lyric, a new mixed-use project in Historic Downtown, announced leases with DryBar and Bank of the West in Q. As new developments continue to break ground in the Historic Downtown, it is possible that more corporate tenants such as Bank of the West will expand further away from Broadway Plaza where rental rates and competition are not as high. Net absorption ended Q at, SF, the highest quarter of net absorption since Q. However, vacancy in Historic Downtown north of Mt. Diablo Blvd increased from.% to.. The Historic Downtown s share of overall vacancy rose in Q, increasing from % to % of the overall market.

Walnut Creek s Retail Market The Walnut Creek retail market is the premier shopping destination in the East Bay and home to a wide variety of premium branded retailers. Tiffany & Co.

3 Walnut Creek s Retail Market The Walnut Creek retail market is the premier shopping destination in the East Bay and home to a wide variety of premium branded retailers. Tiffany & Co., Neiman Marcus, Nordstrom, Coach, Crate & Barrel, Banana Republic, Talbots, Apple and numerous other best-of-class retailers serve the entire East Bay market from stores located in this unique, open air retail landscape that mixes successful restaurant, retail and entertainment destinations. Downtown Walnut Creek offers a rare mixture of newer retail centers and an historic shopping district that blend seamlessly. $ $ $ $ $ $ $ $ Rental Rates Broadway Plaza Historic Downtown Suburban Walnut Creek Key Findings from the Retail Sector Heritage Eats, a Napa Valley based fast casual, signed a lease at Broadway Plaza during Q. Downtown retail supply has exceeded demand, largely due to the Broadway Plaza expansion and multiple new mixed use projects Overall vacancy decreased from.% to.% during Q. In early, Bounty Hunter plans to open in the former Tommy Bahama space on Mt. Diablo Blvd. Bounty Hunter is a Napa Valley based wine bar concept that will be opening its first Contra Costa County location. Broadway Plaza signed leases with new retailers in Q. Bank of the West and DryBar have signed leases at the Lyric.

4 Vacancy Rate Excluding Anchors k+ SF Vacancy Rate Excluding Spaces k+ SF % % % % % % % % % % % % % % % % % Net Absorption (SF) - Vacancy Rate vs Absorption (SF) Vacancy Rate vs Available (SF) % % % % % % % % % % % % Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Gross Absorption (SF) Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

Center Name Rossmoor Town Center Citrus Marketplace Encina Grande Ygnacio Plaza Geary Marketplace Countrywood Walgreens/BevMo Center Trader Joes Newell Center Palo Verdes Mall Downtown CVS Downtown

5 Center Name Rossmoor Town Center Citrus Marketplace Encina Grande Ygnacio Plaza Geary Marketplace Countrywood Walgreens/BevMo Center Trader Joes Newell Center Palo Verdes Mall Downtown CVS Downtown Safeway Downtown Whole Foods Neighborhood Center Summary The shopping centers comprising Walnut Creek s neighborhood shopping center inventory reported at an overall occupancy of.%, increasing from Q s.%. Eleven out of the thirteen neighborhood shopping centers are over % occupancy. Neighborhood Center Occupancy Rate % Eight out of the thirteen neighborhood shopping centers are at occupancy. % Rent levels remain at all-time highs both in the suburban Walnut Creek market and neighboring communities. % Q. Q.. Q. Q. Q. Q. Q. Q. Q. Q. Q. Q. Q. Q. Q. Q

Walnut Creek Downtown Retail Market Overview Recent Transactions ABOUT THE FIRM Omni Fight Club

represented the lessor, in the transaction.

services to Fortune retailers and select owners and developers of retail commercial properties.

California marketplace, and the representation of premier power center and lifestyle developments.

com CA BRE # Featured Retailer Tim Seiler Partner tim@cumbelich.

com CA BRE # High quality pizza and italian favorites served in a unique, family friendly

com CA BRE # Contact: John Cumbelich Brandon Norton brandon@cumbelich.

6 Walnut Creek Downtown Retail Market Overview Recent Transactions ABOUT THE FIRM Omni Fight Club consummated a, SF, year lease at Agora at South Main Walnut Creek, CA The firm exclusively represented the lessor, in the transaction. John Cumbelich & Associates is a San Francisco Bay Area firm that provides commercial real estate services to Fortune retailers and select owners and developers of retail commercial properties. The firm s expertise is in developing store networks for retailers seeking to penetrate the Northern California marketplace, and the representation of premier power center and lifestyle developments. John Cumbelich Chief Executive Officer john@cumbelich.com CA BRE # Featured Retailer Tim Seiler Partner tim@cumbelich.com CA BRE # Joe Kuvetakis, SF San Francisco Bay Area joe@cumbelich.com CA BRE # High quality pizza and italian favorites served in a unique, family friendly environment, at affordable prices. Chris Micco chris@cumbelich.com CA BRE # Contact: John Cumbelich Brandon Norton brandon@cumbelich.com CA BRE # Featured Listings View Brochure View Brochure Bonanza Street Walnut Creek Monument Boulevard Concord, CA, SF restaurant space located in the heart of historic downtown, SF -Eleven anchored strip center for sale. Contact: Joe Kuvetakis Contact: John Cumbelich, Brandon Norton JOHN CUMBELICH & ASSOCIATES North Broadway, Suite A Walnut Creek, CA TELEPHONE..

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Retail Market Overview

Walnut Creek Downtown Retail Market Overview Begins with Increase In Occupancy Rates Retail Trade Areas Retail Area Total SF Vacant SF Vacancy Rate Broadway Plaza,,.% Historic Downtown,,.% West of California,,.%