Hello Everyone, Retail market rents in San Clemente are seeing positive trends in 2024. Average  market asking rents for retail space in the region is around $3.41 per square foot/$435 market sale price per square foot, depending on location and property type, which has increased 3.8% from the prior year. Vacancy rates are currently at 13.9%, with the overall Orange County retail market experiencing rent increases due to strong tenant demand and limited new retail space being constructed. San Clemente has approximately 77,400 square feet of available retail space. Notable Projects in San Clemente include:   • Redevelopment of Miramar Events Center & Restaurants – Rehabilitate and adaptively reuse the historic Miramar Theater into a performance and event center 5,200 square foot including a 1,043 square foot addition, a new basement, and a 3,400 square foot outdoor courtyard eating area.  • Shoreline Protection Project -The city is resuming the federally supported Shoreline Protection Project around the city’s pier. The project is expected to coast an additional $2.6 million to complete the first phase of the half-century sand replenishment plan.  • Hotel Development – There is a request to develop a 61-key hotel with a cafe and restaurant center on a vacant lot as well as The Lodge at San Clemente 130-key luxury boutique. • North Beach Sand Replacement – The city is placing 30,000 cubic yards of sand at North Beach to bolster the beach’s function as a natural shoreline buffer. The project began on July 31, 2024, and is expected to last until December 2024. The beach will be closed Monday through Thursday, and open Friday through Sunday.   In conclusion, rents have risen, and vacancy rates have decreased, indicating a higher demand. Additionally, the price per square foot has also increased, reflecting a tight market and potential for continued  growth.  Our observation at Coastal Commercial is that the market remains relatively status quo with moderate signs of improvement. We continue to work with dynamic tenants that thrive in the Southern California coastal community. Despite a challenging market with high interest rates, we continue to source private capital willing to pay premium prices for well-located coastal assets. Whether you are holding, leasing, re-financing, selling, or looking to complete a 1031 exchange, we have valuable information to help you make an informed decision.  Feel free to reach out to us with any questions.