OC Leasing Shows No Sign Of Slowing Down
For many large companies, variables in today’s market can cause natural hesitation during a commercial real estate transaction. With economic stability still being a question in the air and the heavily anticipated presidential election year, 2012 has its’ odds for rebound against it. However, within the world of commercial real estate, from construction to purchasing, Orange County’s market strength is showing to be favorable in the eyes of many as office space leasing continues to pave a strong road ahead.
In last year’s data reports, office and industrial leases came to an estimated total of 4.9 million square feet; providing a 33% market increase over 2010.
With industry details provided by CoStar Group Inc., Orange County Business Journal (OCBJ) highlighted some of the top market opportunities and leases across the area:
– Lake Forest-based Panasonic Avionics Corp., performed both a renewal and expansion for their headquarter office; totaling around 440,000 square feet, and expansion for their Western Digital Corp.; totaling a 104,000 square feet Irvine headquarters.
– Tenants moving to larger locations include the Santa Ana-based CoreLogic Inc., which is scheduled to be moving into a new office, totaling 169,000 square feet, at the Irvine Spectrum later this year. Another is the chipmaker Microsemi Corp., who has already relocated from Irvine to Aliso Viejo and now leasing an office space totaling 110,000 square feet.
– While new headquarters are being built in Fountain Valley, Hyundai Motor America Inc. agreed to a 148,000-square-foot lease for temporary offices in Costa Mesa.
– Pacific Investment Management Co. leased a 380,000-square-foot office in the 20-story office building being built in the Newport Center by the Newport Beach-based Irvine Company. The building is scheduled for occupancy in early 2014.
OCBJ also mentioned that both relocation and office construction played large roles in the motivation for the positive transactions made during 2011.
In a commercial real estate market with lease rates at 25% or more below the pre-recession, and 20% availability in higher-end buildings, office space leases hold great opportunities for any business owner to take advantage of. Knowing the right location and lease options that fit the future for you and your business, ORION Property Partners works alongside each of their clients, creating an avenue designed to soak in the opportunities available.
Awarded the CoStar Power Broker Award for one of 2011’s Top Leasing Firms in the Orange County market, ORION continues to tangible illustrated their level of success and is determined to continue forward with each stride taken.