By SIMON DILLON
The West Orange County office market remains soft compared to the greater John Wayne Airport area and Central OC markets, which have recovered and are posting increasing rents and healthy net absorption.
But it looks like West County is turning the corner. The area has many choices for companies that have large office needs of more than 50,000 square feet, which is hard to find today.
In particular, the city of Cypress offers large, efficient and cost-effective blocks of space for corporate users. An example: Cypress Crossroads, owned by Makar Properties LLC, and offering one of the limited options available to companies that need 50,000-plus square feet of office space in OC. Many big, “Fortune 1,000”-type companies have been eyeing space at Cypress Crossroads.
With less than 5 million square feet of office space being tracked, the West County market is the smallest of OC’s office markets. There’s more than 43 million square feet of office space in the greater airport area alone.
Of the six cities that make up the West County market, Cypress is the most significant. The city has about 2 million square feet of office space, with Huntington Beach No. 2 at close to 1.5 million square feet.
Cypress is home to many Pacific Rim-based companies, such as Mitsubishi Corp., Matsushita Electric Industrial Co.’s JVC unit, Yamaha Corp., Fuji Photo Film Co. and Konica Minolta Holdings Inc.’s Minolta brand.
The companies find Cypress convenient to the ports, distribution centers of the Inland Empire and the skilled labor pools of OC. And Cypress’ masterplanned community has an appealing “Irvine Spectrum” feel.
Dillon is a vice president in brokerage services in the Newport Beach office of CB Richard Ellis Group Inc.
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