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THIF CONCORD GROUP <br />Key Conclusions (continued): <br />3) There is a broader supply vs demand imbalance of the local market in a 0.25-mile <br />radius of the Site. <br />Within the 0.25-mile radius of the Site there is 1,464,600 square feet of commercial space that <br />exists, of the existing space there is 235,000 square feet of space that is available for lease or <br />vacant. The local market for commercial space is not performing strongly with a 17% vacancy <br />rate, suggestive of a supply vs demand imbalance. <br />4) Given the vacant space in the local neighborhood, there are ample options for essential <br />tenants to relocate to a nearby space. <br />Given the ample amount of vacant space in the 0.25-mile radius of the site, commercial tenants <br />currently located at the Site have the opportunity to relocate within the local neighborhood <br />without affecting their client base, or the local population having to change their services. The <br />available spaces are similar in vintage and have similar lease rates to the existing Site. <br />5) Local neighborhood retail does not exist onsite, and is rare within the 0.25 radius of the <br />Site <br />The Site and the 0.25-mile radius does not currently have any retail serving space. Delivering <br />6,000 square feet of retail space aimed at targeting coffee shops, restaurants, or small markets <br />can enhance the local neighborhood and provide not only the new residents but the existing <br />residents with much needed retail services. <br />FRH Realty LLC <br />22179.01 Santa Ana, CA <br />April 2023 <br />City Council 18 — 391 10/3/2023 <br />