Average asking rates increased while rent growth continued to slow down, especially for small shop spaces and areas hit hardest with tourism.
As major markets across the U.S struggled to collect rent, Orange County retail rent collection reached close to pre-pandemic payment volumes in Q3 2020.
There was an uptick in leasing activity, which was still down 84% from last year, of 42% from Q2 2020. Net absorption was negative 243,881 sq. ft., mainly due to a few big-box vacancies and some smaller spaces that appeared on the market.