Strong Movement for Research & Development in OC
THIS JUST IN! News watch in the world of real estate today is showing strong activity in the areas of Research and Development; especially in the areas of John Wayne Airport and South Orange County. Together, the areas are said to represent the largest base of the submarket with an estimated 28 million square feet, a 65% of the total amount of 42 million square feet for Orange County’s Research and Development space as a whole.
According to the Orange County Business Journal (OCBJ), details indicate both strength and improvement. From increased square footage to more growth and expansion to come, areas of Research and Development for Orange County aren’t planning on stopping anytime soon.
• Areas of activity show to have been the strongest amongst the airport area; marking a 171,787 square feet of positive net absorption and 239,641 square feet of gross activity in the fourth quarter.
• Within South Orange County, movement of the area showed a 69,134 square feet of gross activity, 15,609 square feet in West Orange County, and 5,361 square feet in the North…all of which coincided within the same period of time.
• Research and Development companies are experiencing growth again amid renewed investor activity; as larger corporations acquire smaller startups, this in return, has helped to fill vacant space.
• Vacancy levels dropped 12 % in 2011’s fourth-quarter from the previous quarter to an 4.3% overall— which sits still higher than a year ago.
• Average asking rents increased 1 cent per square foot from the previous quarter and 5 cents from a year earlier.
• The current average rent for Research and Development space across Orange County is currently at 86 cents per square foot.
With stronger numbers in production comes stronger company movements, growth, expansion, development, and more. As each new day brings more and more strength to the overall areas of business within Orange County, industries like Research and Development are paving a way for their future without stopping to take a break. ORION Property Partners functions within the same capacity, providing endless attention to every detail the market has to show and give.
As businesses search out Orange County office space for lease, they turn to ORION for their leadership, expertise, and future strength not only as commercial real estate advisors, but as a complete entity that has year over year shown to supersede any and all boundaries placed forth.
ORION, commercial real estate at its best.