Walnut Creek Retail Forum 2023
The City’s Economic Development Division hosted its first Retail Forum on May 3 at the renown Lesher Center of the Arts in Downtown Walnut Creek. The purpose of the event was to introduce key findings from Phases 1 and 2 of the City’s Retail Study, conducted by MJB Consulting, as well as highlight emerging trends. Both in Downtown and the neighborhood centers, Walnut Creek is at healthy vacancy levels and faring well compared to other retail hubs.
The event was well attended by retail brokers, retail property owners and managers, developers, business owners, and key stakeholders coming to hear about Walnut Creek’s current retail market trends, updates on Broadway Plaza, as well as future development plans from panelists Shelly Dress of Macerich and Brian Hirahara of BH Development.
The Phase 1 study focused on retail in the Downtown and Phase 2 is looking at citywide retail primarily in our neighborhood shopping centers, which are performing well. Citywide there is 2.3M sq.ft. of retail space with a 6.7% vacancy rate that drops to 2.9% when excluding three large-format vacancies.
An upcoming Phase 3 will analyze of the amount of retail planned in both the North and West Downtown Specific Plans and make recommendations on sustainable levels.
Additionally, as part of the program Susie Woodstock from HdL Companies shared insights on economic drivers and sales tax forecasts for Walnut Creek, the Bay Area, and statewide. She forecasts a small slowdown in the amount of automobile sales, but then a return to more traditional growth rates of 2-3% per year.
View and download the Sales Tax Forecast presentation here.