Office space construction is booming in Orange County, with more new construction and renovations in the sector than in nearly a decade. First-quarter reports on office space property indicate approximately 2.8 million square feet are under construction, which is an increase of more than 450 percent over the previous quarter.
This is by far the biggest increase in office space development since 2007. With a strong overall market, and office space vacancy hovering around nine percent, asking prices for office space leasing are up significantly, averaging $2.46 per square foot per month in the first quarter. Although Orange County is rarely considered an inexpensive place to live, it's relative affordability when compared to other business hubs like Silicon Valley and San Francisco are drawing the interest of large companies looking for ideal areas to locate.
If there is a common theme among these developments, it is creating engaging architecture and interior design that is paired with lifestyle amenities that may attract high-profile occupants. Both new construction and remodeling projects are considering fitness centers, restaurants and nearby shopping as added values that will attract big companies that would traditionally look elsewhere.
With one of the strongest overall economies in the nation, and the addition of many fresh, exciting new spaces for companies to inhabit and use to express their values and corporate culture, Orange County is poised to see more than a few new top-tier employers setting up shop in the coming months. This kind of job growth in the business sector can mean many unforeseen complications for existing business owners as the business landscape changes around them. Intelligent guidance by experienced legal council can help such business owners, developers, and other affected individuals navigate these transitions and protect their rights.
Source: The Orange County Register, "Metal skyline: Office construction is on the rise again in O.C.," Jeff Collins, June 07, 2016