Foothill Boulevard is filling up again. After a few years of recession-induced vacancies along the boulevard, La Cañada Flintridge is welcoming the arrival of new businesses in 2011 that are bringing the Foothill vacancy rate down. With the recently opened MD Appliances, and with Sprouts Farmers Market and Jane’s Cakes opening later this year, the vacancy rate on Foothill is dropping.
According to Robert Stanley, the city’s director of community development, of the almost 300 units of non-residential property of Foothill Boulevard, the current vacancy rate has dropped below 10%. But when including properties that are in the permitting process or already are permitted but not completed, like the Sprouts market, the rate drops to around 6%.
A 6% vacancy rate would put La Cañada Flintridge in line with, or ahead of, the vacancy rates in neighboring cities such as Pasadena.
According to Eric Duyshart, Pasadena’s economic development manager, Pasadena officially tracks only office-space vacancy, which is at approximately 12%. But an unofficial estimate for retail vacancy right now is between 6% and 7%. Duyshart said that in healthier market conditions, retail vacancy usually sits at 4%.