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JLL tells Chino Hills council retail spending is recovering; vacancy concentrated in a few large boxes
Summary
A JLL presentation to the Chino Hills City Council showed retail spending and foot traffic recovering after COVID, while a small number of large vacant anchor boxes drove the city's vacancy rate. Presenters said negotiations are active for several key spaces including a Crossroads lease connected to Costco’s recent site purchases.
A commercial market presentation by brokerage firm JLL told the Chino Hills City Council on Jan. 28 that local retail spending and foot traffic have largely recovered from the COVID slump, but that a handful of large vacant anchor boxes account for much of the city’s current retail vacancy.
The presentation, led by Eric Westett of JLL, said consumer spending and visits to physical stores remain strong and that many categories of retail and quick-service restaurants are growing. "For the most part, our sales are still at our retail stores," Westett said. He added that online shopping has become a complement rather than a replacement for in-person retail.
JLL reported a citywide vacancy rate near 7.9%, and said about 45% of that vacancy reflects spaces already in active lease negotiations. A…
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