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17.59%
10.95%
28.34%
Grocery Anchored
Retail Strip Center
Free Standing
Vacancy Rate by Product Type
7.12%
17.59%
10.95%
28.34%
Power/Lifestyle Centers
Grocery Anchored
Retail Strip Center
Free Standing
Vacancy Rate by Product Type
Dublin, California
Retail Market Report
4th Quarter 2010
Grocery Anchored Inventory: 722,071Grocery Anchored Availability: 127,032Grocery Anchored Vacancy Rate: 17.59%
Power/Life Style Inventory: 585,497Power/Life Style Availability: 42,711Power/Life Style Vacancy Rate: 7.12% Free Standing Retail Inventory: 279,483Free Standing Retail Availability: 79,201Free Standing Retail Vacancy Rate: 28.34% Retail Strip Center Inventory: 778,537Retail Strip Center Availability: 85,259Retail Strip Center Vacancy Rate: 10.95%
Total Retail Inventory: 2,365,588Total Retail Availability: 334,203Total Retail Absorption: + 131,346Dublin Retail Vacancy Rate: 14.12%
Lee & Associates maintains an up-to-date database of all available properties and sold/leased properties.
For more local commercial real estate news, insight, and gossip visit my blog! www.thestorefront.wordpress.com
Dublin Continues To Gain Steam
Positive Absorption Fuels Dublin into 2011The fourth quarter of 2010 showed a huge improvement for vacancy in Dublin. A lease was executed by Sports Authority for half of the Former Mervyn’s space. REI will open a 20,000 square foot location at the vacant, half-built, building at 7099 Amador Valley Plaza Road and Waterford is completely leased with the addition of Coco Cabana opening in February in the former Stacey’s Cafe space. The vacancy rate dropped from over nineteen percent to just over fourteen percent this quarter alone. The total square footage absorbed through Q3 and Q4 is over 195,000 square feet which equates to more than an eight percent decrease over the year.
Other activity this quarter included Johnny Garlic’s signing a lease at the former Fuzio space at Hacienda Crossings. Las Positas Community College also made a big invest-ment in Dublin real estate, purchasing a 67,000 square foot office building on Dublin Boulevard and is in escrow on the former Chevy site. The community college is said to be creating a mini-campus that is easily accessible by public transportation thanks to the new West Dublin BART station.
Construction has begun at the Fallon Gateway Shopping Center. Visible from I-580 the Target anchored center will include just over 370,000 square feet of retail development. Target will open in October of 2011. West Dublin BART is set to open February 19th, 2011; the project is on-time as of now.
The City of Dublin is busy with new businesses currently going through the Conditional Use Permit process. Look for continued leasing momentum through the first half of 2011.
Recent Transactions
Market Snapshot
Vacancy Rate by Product Type
Key Terms & DefinitionsInventory: Total square footage of retail space in the market
Availability: Square footage that is marketed for lease which is available within 90 days. This also includes sublease space.
Absorption: The change in availability from the previous quarter.
Vacancy: The percent of available space based on the total inventory.
Grocery Anchored: Shopping centers characterized by a grocery anchor such as Safeway, Trader Joe’s, or Nob Hill. These centers are often more sought after and fetch a higher lease rate.
Power/Life Style Centers: A Power Center offers a variety of big box retailers, such as Hacienda Crossings. Life Style centers cater to neighboring residential such as The Shops at Waterford, Tralee, and Avalon.
Free Standing: Stand-alone buildings commonly characterized by only having a single tenant and that are larger than 10,000± square feet in size.
Retail Strip Center: Smaller shopping centers that do not have a grocery anchor.
Triple Net Expenses (NNN): A lease agreement where the Tenant is responsible for their proportionate share of taxes, insurance, maintenance and building repairs. Triple Net Expenses are in addition to base rent.
Tenant Location Square FeetLas Positas College** 7600 Dublin Blvd. 67,000Sports Authority 7117 Regional Rd. 45,000REI 7099 Amador Plaza Rd. 20,000Coco Cabana Rest & Lounge* 4500 Tassajara Rd. 6,700
* - Jessica Stewart represented Tenant in the transaction** - Building purchase
Lee & Associates Dublin Retail Market Report
QUARTER IN REVIEW
Dublin Retail Vacancy and Rental Rates
Exclusive Lee Listings
2
4th Quarter 2010
Lee & Associates - Your Commercial Real Estate Connection
Tri-Valley Vacancy ReportVacancy Rate vs. Average Asking Rate
Jessica Stewart Retail Specialist
* The property information/detail contained herein has been provided by the seller/lessor or has been obtained from other sources believed to be reliable, and Lee & Associates - East Bay, Inc. has not independently verified such information’s accuracy. Lee & Associates - East Bay, Inc. makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information provided herein nor the condition of the property and expressly disclaims all such warranties, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Buyer/Lessee should perform its own due diligence regarding the accuracy of the information upon which buyer/lessee relies when entering into any transaction with seller/lessor herein. Further, the information provided herein, including any sale/lease terms, are being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice.* CoStar sourced for portion of market data
5890 Stoneridge Drive, Suite 210Pleasanton, CA 94588(925) 460-6200(925) 460-6210www.lee-associates.com
Jessica is experienced in both Tenant and Landlord representation and has been active in the Easy Bay commercial real estate market since 2006. Prior to joining Lee & Associates in 2009, Jessica worked for Aegis Realty Partners in Oakland. As a retail specialist, she has worked with a number or local restaurants, retailers, and landlords in sales and leasing of shopping centers and storefronts.For the most up to date market information follow Jessica on her blog www.TheStrorefront.wordpress.com.
FOR SALE7099 Amador Plaza Rd.
Developement Opportunity!
FOR LEASE1,222± Square Feet
Dublin Corners
FOR LEASE1,400± Square Feet
Dublin Corners
20.10%19.64%
14.12%14.00%
15.00%
16.00%
17.00%
18.00%
19.00%
20.00%
21.00%
$0 50
$1.00
$1.50
$2.00
$2.50
$3.00
Vacancy
Average Asking Rate (NNN)
20.10%19.64%
14.12%
12.00%
13.00%
14.00%
15.00%
16.00%
17.00%
18.00%
19.00%
20.00%
21.00%
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2Q10 3Q10 4Q10
Vacancy
Average Asking Rate (NNN)
5 00%7.00%9.00%11.00%13.00%15.00%17.00%19.00%21.00%
4Q10
3Q10
2Q105.00%7.00%9.00%11.00%13.00%15.00%17.00%19.00%21.00%
4Q10
3Q10
2Q10
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