Economic Development Studies 2022
With the fluidity of industry conditions and changes brought about by COVID, the City of Walnut Creek recently completed three separate in-depth studies on Walnut Creek’s Office, Medical Office, and Retail sectors to better ascertain the current state of our local industry markets.
The Economic Development Division commissioned regional expert consultants to conduct analyses on the following three key market drivers for Walnut Creek:
Results from each study will be used to develop an Economic Development Action Plan to take immediate steps in taking advantage of foreseeable trends, as well as addressing potential challenges.
Key Takeaways from Released Studies
Retail:
- Walnut Creek has maintained its strong retail brand and status as a regional destination. It is emerging as a strong draw for high-end and popular new retail and restaurant concepts.
- Vacancies are at a healthy level (less than 10%) and some vacancy allows room for new concepts.
- Office trends continue to fluctuate, and vacancies in all markets are well above traditional healthy vacancy rates of around 9%.
- Compared to other regional competitors and other major markets, Walnut Creek is fairing on average and aligning with industry trends.
Medical Office/Cancer Centers:
- Over the next decade, population growth and spinoff activity from the cancer centers will absorb most of the current MOB vacancies.
- The increase in medical office demand also brings an increase in doctors and other medical staff.