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Retail market analysis finds low vacancy, flags Cinemark site; city to pursue broker and targeted marketing
Summary
Cosmont Companies presented a shopping‑center analysis that found low vacancy overall but identified notable vacancies (including an 85,000‑sq‑ft Cinemark theater in escrow). Staff proposed a one‑stop business start‑up support, procurement of a broker for retail recruitment and targeted marketing at industry conferences.
The Lake Forest City Council received the final report of a year‑long shopping‑center analysis on April 15 from Ken Herro of the Cosmont Companies and economic development staff. The report assessed 18 designated centers, consumer patterns, vacancy and ownership status and recommended a set of economic‑development strategies focused on retention, recruitment and selective redevelopment.
Cosmont reported an overall low vacancy rate in the city: CoStar data showed about 2.8% vacancy at the end of 2024, though Cosmont’s field reconciliation raised that figure to about 6.6% when known vacant boxes (including larger spaces the data provider had not yet classified) were added. The firm identified several notable…
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