Orange County continues to be an attractive market for builders in Southern California, with 46 commercial properties under construction.
In all, there was more than 5.4 million square feet of industrial, office and retail construction being built in the third quarter.
Industrial Construction
The industrial market had 20 buildings with a total of more than 1 million square feet under construction in the third quarter.
Projects in West County accounted for more than 400,000 square feet of construction.
The Astronautics and Rancho projects are two that are expected to be finished in the fourth quarter.
North County had nearly 300,000 square feet under construction in the period. Notable projects included the North American Industrial Park in Anaheim, which is set to wrap up in the first quarter.
Nearly 200,000 square feet of space was under construction in the John Wayne Airport area. Tustin Gateway is expected to be completed during the fourth quarter.
Meanwhile, South County had about 100,000 square feet of industrial space under construction.
Office Under Way
There were 11 office buildings with more than 1.2 million square feet of space under construction in the quarter.
The airport area had about 800,000 square feet of office space in the works. Santa Ana-based First American Corp. is building nearly 300,000 square feet of space. The title insurer is expected to finish the project in the fourth quarter.
South County had 279,000 square feet of office space under construction, including the 107,000-square-foot Brenexus project. North County’s 170,000 square feet of office construction included the Olen Pointe Brea project, which had 131,000 square feet under way in the period.
The office sector saw nine buildings, with about 237,000 square feet of space, complete construction during the third quarter.
Retail in the Works
OC’s retail sector had nine buildings of about 2 million square feet under construction in the quarter.
South County accounted for more than 1 million square feet of the total, followed by 325,000 square feet in Central County, 300,000 square feet in the airport area, 250,000 square feet in North County and 152,460 square feet in West County.
The 290,000-square-foot Newport Beach Lexus project was one of the biggest projects under way in the quarter. Another big one: Costco’s 150,000-square-foot store in La Habra.
Analysis provided by CB Richard Ellis Group Inc.’s information management department.
The Real Estate Watch Chart – Net Absorption, Rates, etc. is provided in a Adobe Reader .pdf print-friendly file.
CLICK HERE
to download
REAL ESTATE WATCH CHARTS
Please note: to download the file, you will need Adobe Acrobat Reader installed on your computer. For a free copy of the software,
click here.
