Retail Market Overview

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Klaudia Kosińska
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1 Walnut Creek Downtown Retail Market Overview Occupancy Rates Remain Level

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 occupancy rates remained level in the second quarter of. During the first quarter of, overall vacancy fell substantially, from.% to.%, dropping to the lowest rate since Q. However the vacancy rate remained at.% in Q despite the third consecutive quarter of declining absorption. Overall WC Downtown Vacancy Rate %, Vacancy rates steadily climbed throughout the calendar year largely due to the delivery of new retail inventory that was not fully leased, combined with historically high rents. New retail inventory continued to be leased during Q, as retailers such as a new Bank of the West branch have signed leases in downtown. Other notable Bay Area concepts have signed leases in downtown Walnut Creek, such as La Sen Bistro which opened in Q, and Philz Coffee, slated to open in Q. La Sen Bistro is one of Concord s highest rated restaurant concepts while Philz Coffee has successfully expanded to nearly locations, making both concepts quality additions to the downtown Walnut Creek market. % % % % % Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q,,,, Net absorption ended Q at, SF, the third lowest absorption figure since Q. Downtown Walnut Creek market activity slowed down significantly in Q after an active Q consisting of lease signings with concepts such as Pacific Catch and Anytime Fitness. Although market activity was slow during Q, progress continued to be made on the development of new-to-market stores such as Capital One Café and Amazon Books in downtown Walnut Creek. Vacancy in the Historic Downtown north of Mt. Diablo Blvd increased from.% to.%, while vacancy in New Downtown south of Mt. Diablo Boulevard slightly decreased from.% to.%. The Historic Downtown s share of overall vacancy increased in Q, rising from % to % of the overall market. The Historic Downtown s share of overall vacancy has reached its highest percentage since Q. With national and new-to-market retailers moving to the New Downtown, consumers are pulled away from many of the Historic Downtown s businesses. Given the limited parking and inconsistent tenant mix, and increasing rental rates, Historic Downtown s share of overall vacancy will remain vulnerable in upcoming quarters.

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 Philz Coffee, Amazon Books, and Capital One Café are slated for store openings Retail absorption declined for the third consecutive quarter in Q The Historic Downtown s share of overall vacancy continues to climb as new retail inventory in New Downtown continues to absorb Overall vacancy remained level at.% from Q to Q La Sen Bistro, a popular Concord restaurant, opened a downtown Walnut Creek location in Q Anytime Fitness, a new fitness concept is slated to open in downtown Walnut Creek later this year Downtown Walnut Creek finished Q with third lowest absorption record since Q

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.%. Walnut Creek s neighborhood shopping centers have historically stayed above a % occupancy rate, however the delivery of vacant shop space at the Orchards has negatively impacted the rate. The Orchards, Walnut Creek s newest neighborhood center, has approximately, SF available for lease Pancheros, a Mexican fast-casual concept, closed after only six months at the Orchards Neighborhood Center Occupancy Rate % % % Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Nine out of the twelve neighborhood shopping centers are at occupancy Ground breaking of the Rossmoor Shopping Center expansion took place in Q

Walnut Creek Downtown Retail Market Overview Recent Transactions ABOUT THE FIRM Spa Via consummated a, SF, year lease at Filthy Gorgeous consummated a SF, year lease at Downtown Pleasant Hill Main

The firm exclusively represented the lessor, Cortese Investment Co. in the transaction.

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.

6 Walnut Creek Downtown Retail Market Overview Recent Transactions ABOUT THE FIRM Spa Via consummated a, SF, year lease at Filthy Gorgeous consummated a SF, year lease at Downtown Pleasant Hill Main Street Plaza Walnut Creek, CA The firm exclusively represented the lessor, UBS in the transaction. The firm exclusively represented the lessor, Cortese Investment Co. 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 joe@cumbelich.com CA BRE # Drinking tea makes life better. In our retail sanctuaries, people are nourished, energized, and revitalized. CONTACT MARC NINYO Chris Micco chris@cumbelich.com CA BRE # Marc Ninyo marc@cumbelich.com CA BRE # Brandon Norton Featured Listing brandon@cumbelich.com CA BRE # MAIN STREET PLAZA One of downtown Walnut Creek s signature retail centers, Main Street Plaza offers the rare combination of prime location, ample parking and great co-tenancy. VIEW BROCHURE CONTACT JOE KUVETAKIS, JOHN CUMBELICH 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,,.%