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4/24/18
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San Bernardino County’s surging job and population growth are proving to be a critical driver for retail activity.
According to CBRE’s 4th quarter 2017 Retail Overview for San Bernardino County, there is 844.2k sf of new retail under construction in the region. This level of activity is even greater than the surrounding coastal markets of Los Angeles and Orange counties, making San Bernardino County a top choice for retail in the State.
Some of these new retail developments include Daycreek Marketplace, in Rancho Cucamonga, which will add 100.1k sf of retail space with CVS and Stater Brothers as anchor tenants, and Sycamore Hills Plaza, in Claremont, set to add a total of 134k sf of new retail space including a new Whole Foods and CVS.
CBRE also reported that the County experienced 351.3k sf of net absorption in the 4th quarter. New tenants expanding into the County include AMC Dine In Theatre, Buffalo Wild Wings, Box Lunch, Carter’s | OshKosh B’gosh, and House of Hoops by Foot Locker at Montclair Place. In the County’s High Desert, new tenants include Starbucks, The Habit Burger Grill, Aldi, Café Rio, and Burlington Coat Factory.
The Renaissance Marketplace is representative of this retail demand in the region based on strong economic growth. Grocery Outlet, Five Below, Party City, Panda Express and Starbucks have been announced as the latest tenants moving to the center that will feature 430k sf of shopping, dining and entertainment upon completion. Renaissance Marketplace, built by Lewis Retail, is being built near more than 800 housing units that are anticipated to open in early 2019 along with new industrial and warehouse openings that are expected to bring 10,000 new jobs.
This activity is reflective of a number of recent economic reports that cite San Bernardino County as a leading population and job creator in California.
The Federal Reserve Bank of St. Louis called the Inland Empire, comprising San Bernardino and Riverside counties, “one of the hottest economies in Southern California.” Recently Joel Kotkin, R.C. Hobbs Presidential Fellow in Urban Futures at Chapman University and executive director for the Center for Opportunity Urbanism, concurred noting that Inland Empire population rose 1.26 percent in 2017, more than ten times that of Los Angeles and Orange counties, and net in-migration for the Inland Empire rose by more than 80 percent. Kotkin further states that the Inland region’s growth reflects a broader national trend -- population is shifting away from dense metropolitan areas with urban cores towards generally more suburban regions.
“We have long been a market of firsts, Del Taco and McDonalds started here, and more recently we are leading the State with the first Cracker Barrel and Punch Bowl Social expanding into California,” said Reg Javier, San Bernardino County Economic Development Agency Deputy Executive Officer. “These retailers are here because the people and the income base are here.”
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