CHART NOTES:
Historical figures have been adjusted to reflect changes to the base; consequently, historical figures reported here may not agree with previously reported figures. The Orange County office market includes multi-tenant buildings and parks 30,000 square feet or larger, excluding government, medical and R & D; buildings. Orange County’s industrial market includes single- and multi-tenant manufacturing and warehouse and research and development buildings 10,000 square feet or larger. The retail market includes retail centers 50,000 square feet or larger, but excludes strip centers and free-standing retail buildings. A neighborhood center provides for the sale of convenience goods and personal services for the day-to-day living needs of the immediate neighborhood. A supermarket usually is the principal tenant, and a neighborhood center typically ranges from 30,000 to 100,000 square feet. A community center is a retail center with a wider range of facilities for the sale of soft goods (apparel) and hard goods (hardware, appliance, etc.) than a neighborhood center. A community center is usually built around a junior department store, variety store or discount department store in addition to a supermarket. The size of a community center typically ranges from 100,000 to 450,000 square feet. A power center is typically anchored by four or more “big box/category killers” or two or more “big box/category killers” and a discount department store or warehouse club, and usually has at least 350,000 square feet.
Office
The Orange County office market finished the first half of 2000 by completing approximately 1.6 million square feet of new office space. Twenty new office buildings were completed during the second quarter to add 1,070,050 square feet of new rentable area to the base. One new four-story building was finished at Olen Pointe Brea in North Orange County. In the Airport Area, 202,475 square feet of new office space was completed in two projects: a four-story building at Civic Plaza finished in April and a five-story building at Lennar Newport Plaza. South Orange County continued to show the most construction activity by adding 17 new buildings in six projects in the quarter for 785,528 additional square feet of office space. Included among those completions were two buildings at The Summit in Aliso Viejo, while three more are planned for the project. Also, at the Discovery Business Center in the Irvine Spectrum, four new two-story buildings were completed with four more still under construction. There are 34 office buildings under development in Orange County totaling more than 4 million square feet and another 11.7 million square feet of office space in the planning pipeline.
Industrial
Despite the low supply of buildable entitled land in Orange County, industrial construction activity increased by 22% in the second quarter. By the end of the second quarter, roughly 1.7 million square feet of manufacturing and warehouse product and 200,000 square feet of research and development product were under construction. During the second quarter, the completion of six new M & W; buildings in North, West and South Orange County added 335,139 square feet to the market. Also in South Orange County, seven new R & D; buildings were completed in the Brookhollow Business Park, creating 138,520 square feet of first-generation industrial space. With 49 buildings under construction and 67 planned for development, the projected increase in industrial square footage in Orange County is roughly 6 million square feet.
Retail
The Orange County retail market closed out the first half of 2000 with completed construction on four shopping centers. Of those, three were completed during the second quarter, to add 665,000 square feet of new retail space. One new neighborhood center was completed in Central Coast and two community centers; one in South Orange County and another in Central Coast were added to the market. There are nine retail centers under construction that will total 2,207,322 square feet upon completion. Approximately 65% of this new development consists of neighborhood centers and power centers, which are spread throughout the county. With 16 more projects in the planning stages, the Orange County retail market is looking to add a total of more than 6 million square feet of retail product to its base.
