Irvine Co. Pitches Park Place Project To City Planners
With over 1.2 million employees and executives in Orange County’s business and professional firms alone, it’s no wonder why commercial real estate in Orange County has and is projected to thrive in the year ahead and future. Reported by the Orange County Business Journal (OCBJ), writer Mark Mueller, describes the recent proposal named, Park Place Project, to Irvine city planners.
Entailed the proposal is Irvine Company’s pitch to create, build, and lease 980 apartments along the mixed-use campus that sits alongside the I-405 freeway. Basing the proposal off of employee and executive count joined with the Orange County real estate projected growth, the project would appear to show favor.
Also reported by the OCBJ, was the numerical and statistical breakdown of businesses and their employee count within the various cities of Orange County:
“There are 79,654 businesses and professional firms in Orange County, with a total of more than 1,163,000 workers. 56.8% of the companies have one to four workers. 16.7% have five to nine employees, and 0.1% of them have 500 or more. Companies with one location account for 562,000of the jobs…Irvine have 7,560”
The graph also included a breakdown of the companies by number of employees, along with statistics for the company type:
Companies by Number of Employees |
• 56.8% have 1-4 employees
• 16.7% have 5-9 employees
• 12.5% have 10-19 employees
• 8.8% have 20-49 employees
• 3% have 50-99 employees
• 1.5% have 100-249 employees
• 0.3% have 250-499 employees
• 0.1% have 500+ employees
Company Type |
• 83.1% occupy as a single location
• 11.3% occupy as company branches
• 3.2% occupy as a headquarters
• 1.5% occupy as franchises
• 0.6% occupy as divisions
Why is this significant? For ORION and their clients, it is key to know each of the various variables to play a role into the real estate in Orange County, how those elements affect performances and or characteristics within office space for lease, and what that means for the tenant, owner, and or investor. To ORION, each piece of the puzzle holds an importance to both the company and their mission in serving others. As a commercial real estate brokerage, nothing is to be overlooked which is why we maintain the professional values of open communication and industry knowledge in our leadership. As each new day brings more light, ORION’s building of reports, analysis, and forecasts will continue to show the way forward.