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A sign of an improving economy, vacancy rates are down in San Ramon and seem to be holding steady in Danville.
San Ramon’s Economic Development Advisory Committee recently heard a report that the city’s vacancy rate for businesses is 5 percent, down one percent from a year ago.
Danville’s retail space stands at 4 percent, although the town doesn’t generally release data on increases or decreases in occupancy there.
Generally speaking, according to Tai Williams, director of economic development, the town is right where it wants to be. Too much vacancy, she said, and it becomes a renter’s market; too little, and it’s a landlord’s market.
San Ramon has been drawing businesses in both by working behind the scenes and because it’s a good place to do business, said Joe Tanner an administrative analyst with the city’s economic development department.
“I think it’s a little bit of both. If you look at our demographics, they’re really strong, and then, also, when something does come available, it’s swept up pretty quick because of the overall lack of space in San Ramon,” Tanner said. “We also try to stay in daily contact with the broker community and retailers, so when stuff does open up, we try to let them know.”
The same goes for Danville, according to Williams.
Many people are waiting on word about San Ramon’s City Center, and while that’s a matter of time, Tanner said the city is actively working on one particular retailer that’s in demand: Trader Joes. He said the company has expressed interest, but needs the right place.
“There have been properties available, but they’ve been too close to the Danville store or not the right visibility or not the right size,” Tanner said. “That is a retailer that we pursue on a regular basis. They only need about 12,000 square feet.”
But he pointed out that some locations that may have space won’t let them in because of non competing clauses; for example, a shopping center with a supermarket as an anchor wouldn’t want competition from another market.
Both Danville and San Ramon are looking to shore up their tax bases with businesses that generate income, like retail apparel and restaurants.
