The expected arrival of R.H. Macy & Co. could be only the beginning of an East Coast onslaught, according to a report by real estate brokers Grubb & Ellis.
The company's annual forecast, released last week, predicts that East Coast retailers will be drawn to Orange County's golden marketplace. The report also forecasts a continued influx of out-of-state developers, who will also be battling for shoppers' dollars.
The big attraction is Orange County's median annual income of $45,000, said Timothy McMahon, senior marketing consultant with Grubb & Ellis.
Retailers can take some comfort, though, from the "pent-up demand" that McMahon said exists here.
Even so, vacancy rates in retail space will climb from the current 5% to about 7% to 10% this year, he said--which means that rents will be flat.