COMMERCIAL REAL ESTATE
Compiled by Ted Johnson / Times correspondent
Retailers’ Space Needs: Retailers want big chunks of space in 1993.
That’s the word from a Grubb & Ellis annual report on real estate in the Los Angeles Basin. The brokerage says that rates and sales prices are expected to be depressed in Orange County through the year, but “larger blocks of space may command a premium.”
Although large department stores are in flux, Grubb & Ellis says, a big portion of the vacant space is in pockets of less than 5,000 square feet. That makes it tough for a larger operation such as a Super Crown Books or TJ Maxx to move in. The retail vacancy rate, by the way, is expected to remain unchanged at 5%.
