Industrial
Industrial construction activity remained fairly healthy in the third quarter.
Three new research and development projects broke ground in the period, bringing construction under way to 682,062 square feet.
The greater John Wayne Airport area accounted for most of the activity with six buildings at Tustin Gateway adding about 340,000 square feet.
There are two other projects under way: one 114,500-square-foot warehouse building and a 62,600-square-foot research and development building on Red Hill.
In South County, Talega Business Park is set for completion in the fourth quarter. Talega has six manufacturing buildings overall, ranging from 15,000 square feet to 32,000 square feet in size.
Office
Although office construction activity in Orange County remains a little slow, vacancy declines and buildings in the planning stages could spark a flurry of construction.
The airport area and South County had 478,098 square feet of office space under construction in the third quarter.
There were several completions in the period: 50,000 square feet at the Anaheim Corporate Offices, the Barranca Business Center in the Spectrum, the 17-building Brenexus project with 120,400 square feet in phase II, and six of seven buildings in Lake Forest’s Foothill Business Park.
Retail
Retail construction activity continued at a steady pace as investment conditions remained favorable for larger retail centers.
Centers in the planning stages would add 900,000 square feet on top of 700,000 square feet already under construction.
Expected to break ground by the end of the year is the Strand in Huntington Beach, Woodbury Village in Irvine and phase II Commons in the Spectrum area.
The redevelopment of existing centers into mixed-use and upgraded centers has transformed many downtown districts recently.
Downtown Brea has a new look and the 52,000-square-foot Fullerton Promenade is the latest addition to the city’s historical area.
Analysis provided by CB Richard Ellis Group Inc.’s Global Research and Consulting.
