OC’s Low-Rise Office Space Performing Well
Companies today are choosing to make a conscience effort to be more strategic on the type of office space when looking to lease. With reports highlighting a strong end to 2011 covering a positive net absorption, along with current plans in motion over commercial real estate construction, company owners have attractive options to choose from when matching their exact needs.
Within Orange County’s continual supply of great office space for lease, one such type of real estate that has many inquiring for more details and availability is showing to be low-rise office spaces. With beautiful high-rise buildings available as well, why such the popularity? Simple. Desired locations plus availability equals strong numbers and here’s why…
As the great city of Irvine California has continued to grow, areas within and around are beginning to rip the benefits and office space for lease are diving right in. With attractive lease rates and strong incentives in 1,500 buildings totaling 55.2 million square feet creating most of Orange County’s office market, low-rise office spaces are filling up quickly.
Reported by the Orange County Business Journal (OCBJ), data and analysis given by the CBRE Re-search regarding Orange County’s low-rise building performances stated the following:
• OC’s total low-rise marked together formed a sector that ended 2011 with a 13.7% vacancy rate following 464,663 square feet of positive net absorption.
• The JWA Area (John Wayne Airport/Irvine Business Center), ended the lowest low-rise vacancy rate in the fourth quarter, dropping to 12% from a third-quarter rate of 12.7% and year-earlier rate of 14.2%.
• South OC dipped to 15.5% by year’s end from a third-quarter rate of 16.3%; All other submarkets have increased vacancy rates this quarter.
• North OC now holds a rate of 13.7%, up from the previous quarter’s rate of 12.1%
• Central OC increased to 13.5% from 13%.
• West Orange County rose to 15.2% from a previous 12.7%.
• The average asking lease rate among low-rise space slipped 2 cents in the fourth quarter to $1.80 per square foot. But the rate of decline slowed, suggesting growing optimism for the market as a whole.
• West and South OC shed 1 cent this quarter, with West OC falling to an average rent of $1.78 and South Orange County decreasing to $1.95 per square foot.
• The average asking rate in Central OC marked a 3 cent drop to $1.50 per square foot, while North OC’s rate decreased 2 cents to $1.82.
Awarded the CoStar Power Broker Award for one of Orange County’s Top Leasing Firms for 2011, ORION Property Partners leads the market in both strength and knowledge. From low-rise to high-rise inventory, Orange County office space for lease turns to ORION and their team of commercial real estate brokers for continual performances of integrity and professionalism specializing in the direct area of Orange County. If you’re looking for commercial real estate in Orange County, no matter the specifications or needs you search for, ORION’s knowledge and expertise of the local real estate market is your advantage in finding the perfect fit for you and your company’s’ future.