![]() "Right now I'm maybe getting four or five customers a day," says James Wallace Sears, owner of a shoe repair shop in downtown Los Angeles, adding that his monthly sales are down 85% from before the COVID-19 pandemic. ![]() Why? To Dienstag, the trends are from “the strong desire of local firms wanting to maintain their presence in Orange County.Business Companies are shedding office space - and it may be killing small businesses vacancy rate of 6.7 percent.Īnd companies pay handsomely to be here: Typical local industrial rent is 67 cents per square foot a month vs. Just 3.1 percent of Orange County industrial space – that’s warehouses and factories – is vacant. Why? Dienstag says the typical Orange County buyer targets shopping centers or single-tenant properties near a major center, while in Los Angeles it’s the smaller, pedestrian-friendly “street” locations that are popular. As a rough comparison, that’s a size difference between a typical stand-alone drugstore vs. The average size of a retail property transaction completed in Orange County this year is 18,597 square feet, more than twice the average size of Los Angeles County at 7,897 square feet. Maybe there’s hope for frustrated apartment seekers after all.īuyers of Orange County retail properties apparently have large appetites for space. In addition, 8,116 units are under construction. JLL says those developments added 9,246 units to the overall apartment supply, or a 6.7 percent boost in choices for renters. Orange County added 23 new multifamily projects since the start of 2012 – market-rent apartments with at least 100 units. With apartment rents on the rise, new complexes are popping up. In second-tier Class B properties, rents are still down 11 percent. Yes, the Orange County office landlord s have filled 7.1 million square feet of space since the start of 2011.Īnd, yes, that leasing spree more than wipes out the loss of 6.4 million square feet that occurred beforehand – during and after the Great Recession (2007 through 2010).Īt top-shelf Class A buildings, JLL says average asking rents are still 14 percent below 2007 levels. Priciest? Menlo Park’s Sand Hill Road at $142. Los Angeles’ Avenue of the Stars ranked eighth at $63 per square foot San Diego’s El Camino Real in Del Mar Heights was 12th at $46 a square foot. ![]() When JLL recently ranked the “most expensive streets” for office space in the nation, Newport Beach’s Newport Center Drive ranked 10th at $52 a square foot per month. Of course, you can go wild on the office budget in Orange County. Total all-in cost per employee – combining real estate and wages – is lower in Orange County ($99,524 a year) than in Los Angeles ($107,340) and San Diego ($112,189). Orange County look s affordable to business within Southern California, by one metric of business expense. That trading volume is equal to more offices than would fit in the two new Irvine Spectrum towers. Hines has become the third-largest office landlord in Orange County by buying and/or selling more Class A office space than anybody else – 980,000 square feet. ![]() Hines, a real estate investment company in Houston, has been the county’s most prolific deal-maker this year.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |