Less than 500,000 square feet of commercial properties is under construction in Orange County.
Construction projects have been in decline since 2007 and remain minimal, as developers remain cautious about market conditions. The decline has affected all building types.
There have been no new industrial projects completed in Orange County since late 2010, though there are some signs that the development market is coming back to life.
About 84,000 square feet broke ground this quarter in Brea in a spec project that will add to the 26,000-square-foot build-to-suit property under construction in the Irvine Spectrum. The properties will add more than 110,000 square feet to OC’s industrial inventory during the next few quarters.
The Anaheim Concourse project is also set to break ground this year for eight buildings totaling on 840,000 square feet.
Orange County speculative office construction hit a peak in 2006, and such heights are considered a thing of the past.
Construction did begin this quarter on the 380,000-square-foot Pimco headquarters relocation and expansion in Newport Center, with Newport Beach-based Irvine Company leading the construction process as owner-developer. The build-to-suit project is set for late-2013 completion.
Elsewhere, a built-to-suit property was completed last year for Extron Electronics in Anaheim, totaling 198,000 square feet. It was under construction since spring 2010.
Developers also are keeping a watchful eye on the market and waiting to go forward with projects that have been put on hold status until the economy regains full stability.
Data and analysis provided by CBRE Group Inc.
The Real Estate Watch Chart
Net Absorption, Rates, etc. is provided in a Adobe Reader .pdf print-friendly file.
