FROM ORANGE TO OPEN
•The continuing rollout of the COVID-19 vaccine, and the statewide relaxation of social distancing restrictions signals a turning point in California’s economic recovery. However, with indoor mask mandates reinstated as of July 15th in Los Angeles County and ongoing concerns over the Delta variant, there remains uncertainty in regards to a full return to normalcy.
RETAILIZATION OF HEALTHCARE
•The stability of the healthcare market has prompted conversion interest in the form of the retailization of medical buildings. With increasing demand for medical locations, retail centers are attractive prospects to repurpose spaces into medically adapted buildings. In April, Radnet occupied their 22,300 sq. ft. location at Naz Plaza in Lakewood with a TI allowance of $73.4 per sq. ft. Sitting in retail space, this 10-year term deal is a strong example of an attractive trend. Medical fit outs are solutions for retailers to increase occupancy and cash flow to combat deteriorating market trends in a sustainable manner.