The Office Advisory Group

Lee & Associates Commercial Real Estate Services, Inc.

Dedicated. Honest. Professional.

3rd Quarter Office Market Report- OC

Plenty of economists have prophesied about eight-year real estate and economic cycles to help explain the softening of office markets nationwide that has been widely reported this year.  It’ s clear that local office demand has lost some steam despite a still solid local recovery and a strong national economy that in Q3 grew at a 3% annual rate.-Lee & Associates, Inc.

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2nd Quarter OC Office Market Report

About 1.1 million square feet of new space has been added in the last eight quarters. Later this year, 545,000 square feet of premium space is due for completion near the airport. The Irvine Company recently began marketing 836,000 square feet of soon to be vacated space in the University research Park. Developers are planning to break ground on roughly 1.25 million square feet in the next 18 months on projects in the Airport and Central County submarkets and at the Irvine Spectrum -Lee & Associates, Inc

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Among the popular features of creative space are low-rise buildings, highly designed common areas and higher parking ratios that are valued by employers. These projects have attracted a number of 10,000-sq.-ft. tenants but few large tenants have materialized for the open floor plans of 40k sqft and up. This is why there was added importance to the 100,000 sqft Q1 lease of creative space at the Hive in Costa Mesa by the LA Chargers -Lee & Associates, Inc.

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First National Capital Expands with Lease in Anaheim Hills

ANAHEIM HILLS, Calif. - March 29, 2017 -  Lee & Associates Orange is pleased to announce that a lease was facilitated for 1,771-square-feet of office space at 8141 Kaiser Boulevard, for a total consideration of $155,000. Principal Marshal Vogt represented the tenant First National Capital, who is a provider of equipment and project financing, and is expanding operations in the Southern California market.

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Fenton, Grant, Mayfield, Kaneda & Litt LLP Relocate to Irvine Concourse

IRVINE, Calif. – March 29, 2017 - The Orange office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has facilitated the leasing of   6,282-square-feet of office space at 2030 N. Main Street, for a total consideration of $1.2 million. Principal Marshal Vogt represented the tenant, Fenton, Grant, Mayfield, Kaneda & Litt, LLP, who are construction defect attorneys.

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Demand was strongest for Class B space - which accounts for roughly half of the county's total 111.3 million square foot inventory. That kept net absorption in the overall office market from nearly slipping into the red for the year. Class B space posted a gain of 799,003 square feet for 2016 with positive absorption in all four quarters -Lee & Associates, Inc.

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Of the seven notable projects existing and underway and totaling more than 1 million sq. ft. in Orange County – The Habitat, Avalon, Axis, 33.7 North, 1701 Quail, The Press and The Hive – only The Habitat in Irvine is leased up. In August developer Bixby Land Company landed Karma Automotive for the entire 262,462 sq. ft. project.  Outside of a handful of 10,000-sq.-ft. to 12,000-sq.-ft. tenants, other landlords offering 40,000-sq.-ft. to 50,000-sq.-ft. spaces have yet to sign any major leases. -Lee & Associates, Inc.

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After a sluggish start early this year, demand for Orange County office space surged in the second quarter, posting the biggest gain in six quarters. Lease rates continued to climb in the largest submarkets, keeping the countywide average on pace next year to equal its all-time high. Demand intensified in the South County submarket, which is anticipating completion next year of nearly 1.8 million sq. ft. of Class A high-rise and campus style buildings.  -Lee & Associates, Inc.

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Off Market Sale of the Helm Center in Laguna Woods by Lee & Associates

The Orange office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, recently assisted 24902 Moulton LLC in the sale of a 9,244 square foot medical office building located at 24902 Moulton Parkway. Marshal Vogt and Jaimeson Hearne, of Lee & Associates’ Office Advisory Group, successfully negotiated a sale price of $3,800,000 or $411 psf. The seller will lease back a portion of the building and the buyer will occupy the remaining available space.

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1st Quarter 2016- Orange County Office Market Report

So far the softening in office expansion has not dampened overall rent growth which has been averaging about 10% per year. Rent remains about 12% below their overall record high. Speaking of record highs, the Irvine company recently leased the top floor of its new 21-story tower at 520 Newport Center Drive for a reported $8.50/SF. The new building across from Fashion Island is the first multi-tenant tower added to the posh office and shopping district in nearly 30 years.  -Lee & Associates, Inc.

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Dedicated. Honest. Professional.