Commercial real estate developers in Orange County reported completing about 1.8 million square feet of projects for the 12 months ending in April, according to the Business Journal’s annual developer survey.
Twelve developers participated in this year’s survey, which ranks companies by square footage built and offers a snapshot of development activity across the county. Participation varies each year, making direct year-over-year comparisons difficult.
This year, 10 of the 12 companies were not included on last year’s list, with some firms choosing not to disclose completed projects, if any, last year. The developers surveyed this year collectively reported less completed square footage compared to the prior year’s participants, who reported nearly 2 million square feet for the 12 months ending April 2025.
In 2024, another 12 participating developers reported 3.8 million square feet completed for the year ending April 2024, suggesting commercial development activity has slowed from the elevated levels seen two years ago.
Top Developers
The top-ranked developers were New York-based Mitsui Fudosan America and its partner Tishman Speyer, which tied for No. 1 after jointly completing 379,168 square feet in Orange County during the 12 months ending in April. Neither company disclosed square footage completed last year.
In January, the joint venture finished the Bake Freeway Business Park at 15700 and 15800 Bake Parkway, after purchasing the 31.9-acre site in Irvine for $146 million a couple of years ago.
IDI Logistics came in third, with 285,719 square feet completed. The Atlanta-based developer finished the two-building Class A Orange Logistics Center at 759 North Eckhoff Street in Orange in February.
None of this year’s top three companies were ranked last year.
After completing the 224,920 square foot LogistiCenter at 55, at 1100 Valencia Ave. earlier this year, Reno-based Dermody Properties scored big when defense tech giant Anduril signed a lease to occupy 177,766 square feet of the newly built industrial building.
The fourth-ranked Dermody has an office in Irvine and was previously ranked No. 1 last year with roughly 537,000 square feet of projects completed in OC for the year ended April 2025, representing a 58% decline.
“The regulatory and entitlement environment for logistics facilities had grown more restrictive, the pipeline of viable redevelopment sites in Orange County continued to narrow, and both leasing velocity and capital markets liquidity had been muted relative to the post-pandemic peak,” Matthew Mexia, Southern California region partner at Dermody.
Why Developers Choose Orange County
For developers, Orange County is one of the toughest markets in the country to replicate and in many ways, that’s what makes it attractive. Many believe it’s worth building here, despite the higher costs, slower leasing and a tougher approval process.
“Orange County’s fundamentals are simply irreplaceable,” Jack Harris, director of acquisitions at Western Realco, told the Business Journal.
Harris pointed to Orange County’s affluent consumer base, skilled workforce, access to the ports of Los Angeles and Long Beach, and limited land supply.
“Yes, it costs more to build here and the entitlement process demands patience,” Harris said. “Those same barriers that frustrate less experienced developers are what protect our investments once the building is delivered.”
Western Realco did not complete any projects during the survey period, but it has about 256,000 square feet under construction in Anaheim and reported $80 million in new projects started.
The Newport Beach-based company said it is now focusing more on pre-entitled industrial sites. The shift comes after rent growth slowed and some landowners who bought at the market peak had trouble making their projects work financially.
Dermody’s Mexia said the company’s strategy over the past year is to be more selective. Instead of pulling back, the firm is focused more on careful planning and redeveloping existing sites.
The company highlighted the deliveries of the LogistiCenter at 55 in Tustin and LogistiCenter at Irvine I & II, a combined 224,920 square feet warehouse and distribution space.
As the second half of 2026 approaches, developers say they are keeping a close eye on advanced manufacturing and changing logistics needs.
Several companies on the list also provide additional real estate services beyond commercial development.
Research Director Desmond Celo contributed to this report.
