Positive Absorption Fuels Dublin into 2011
The 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 investment 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.
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