Marcus & Millichap

Ventura County Retail Market Report

Ventura County, Third Quarter 2017

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Investors Venture to Ventura as Income Growth Bolsters Retail Spending

Retailers benefit from minimal construction and local job growth. Hosting a considerable number of medical and education professionals, Ventura County is home to a large percentage of households that earn more than $85,000 annually. Continued hiring by the Ventura County Medical Center and the metro’s collection of colleges will support overall job gains, increased earnings and household growth. Rising incomes bode well for stores in both coastal cities and inland suburban communities. Existing retailers metrowide will profit from a multiyear stretch of limited retail construction. Overall, the lack of new retail space brought online during this cycle has allowed metro vacancy to dip below 5 percent, increasing tenant demand for existing space. Cycle-low vacancy will persist this year and raise average asking rents following a period of stagnant rate growth, yet the metro’s rate will significantly trail the previous cycle’s peak pricing.

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