COMMERCIAL REAL ESTATE : Despite Dip in New Buildings, County Ranks 10th in 1992 Retail Construction
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Orange County ranked a respectable 10th in the nation in new retail construction this year--despite the fact that 8% fewer restaurants and stores were built here than in 1991. According to U.S. Census Bureau statistics, the county accumulated an additional 2.7 million square feet of retail space, compared to nearly 3 million the year before.
Atlanta placed first this year with 4.9 million square feet of new retail construction--a 53% increase from 1991. Riverside County came in second of the 100 areas surveyed with 4.6 million square feet.
And even though Los Angeles saw a whopping 41% drop in retail construction, it still managed to land slot No. 5 with 3.2 million square feet of new retail buildings. With that kind of competition, 100th-ranked Chattanooga, Tenn.--tallying just 358,000 square feet--didn’t stand a chance.
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