Developers are betting big on creative space in Orange County. Of the 2.3 million square feet of office space under construction, 537,200 square feet is creative and another 211,200 square feet will have creative aspects.
Orange County isn’t a market known for having a lot of creative office product, but due to evolving workplace strategies, tenants are pursuing the best possible space in order to attract and retain talent.
“Demand for creative space has taken a while to pick up, but now it is always a topic of conversation among tenants said CBRE First Vice President Simon Dillon. “Traditional and progressive office users alike are all looking for creative space.”
According to CBRE’s Global Occupier Survey, 50% of respondents in the Americas said that talent was the main driver in their location decisions. In addition, 57% said that employee attraction and retention is what shapes workplace strategy. When the unemployment rate is low, the ability to attract and retain top talent diminishes. A smaller labor pool means more competition for talent. The Orange County office sector is no longer dominated by finance companies. The emergence of the technology sector explains some of the increased demand for creative office.
— Analysis provided by CBRE Research
