Mission Viejo, CA Economic Overview
Mission Viejo is located in Orange County, the most populated county in California after Los Angeles and San Diego counties. The city is one of the largest master-planned communities ever built as a single project in the U.S., and is home to nearly 97,000 residents within its 18 square miles. While mainly residential in nature, the commercial real estate market in Mission Viejo is driven by the office tenants and retail service businesses located here.
The economy of Mission Viejo is driven by its convenient location between San Diego and Los Angeles, its highly educated workforce, and the city's business-friendly attitude. The city boasts strong, upscale resident demographics; outstanding schools and recreational facilities; and is consistently ranked as one of the safest cities in the U.S.
With a median household income of over $100,000 and an unemployment rate of just 3.6%, the economy in Mission Viejo continues to grow with both new business and numerous commercial hotel, shopping, and medical developments.
Mission Viejo, CA Commercial Real Estate Market
Although Mission Viejo is mainly a master-planned residential community, there are many offices and businesses within its borders. While the city itself has a population of only about 97,000, the Mission Viejo - Lake Forest - San Clemente urban area, which includes the cities of Dana Point, Laguna Beach, Laguna Niguel, and San Juan Capistrano - have a population of nearly 600,000.
Healthcare, education, professional service businesses and retail drive Mission Viejo's commercial real estate market. Mission Hospital in Mission Viejo is the largest hospital in the southern part of Orange County and is also the area's regional trauma center. One of the two Children's Hospitals of Orange County is located in the city as well.
Retail real estate in Mission Viejo also makes a significant contribution to the market here. The Shops at Mission Viejo and Kaleidoscope Center, the two main shopping centers in the city, cater to the upper middle class demographic of the resident base, and feature family-oriented services and facilities.
The Shops at Mission Viejo is a regional mall with over 150 retailers, including Nordstrom, Macy's, Apple, and Microsoft. Although small in size, the city is home to eight luxury auto dealerships including Acura, Audi, Infiniti, Jaguar, Land Rover, Lexus, Tesla, and Volvo.
New development projects in Mission Viejo include a new 101-room Hampton Inn to complement the existing Ayres Suites & Hotel, and the Fairfield Inn; the Mission Viejo Medical Center, a 108,000-square-foot medical office building; the renovation and expansion of the Crown Valley commercial center; and Green Street, a 17,000-square-foot commercial center.
Mission Viejo draws both commercial development projects and residents alike with its easy roadway transportation access to San Diego and Los Angeles and Amtrak commuter rail. The city is also extremely pro-business and offers fast-track permit processing, no business license fees, no gross receipts taxes, no utility fees, and no employee fees.
Located in Orange County, Mission Viejo benefits from the region's three million people and the major businesses, international trade, technology, culture, advanced education, and entertainment venues in the County. The Mission Viejo office market also benefits from being part of a wider region, which boasts 113 million square feet of office space and an industrial market with 246 million square feet of inventory, both with leasing rates, vacancies, and net absorption moving in the right directions.
Mission Viejo, CA Office Rental Rates ($/SF/year)
Data provided by Yardi Matrix, for properties larger than 50K SF.
Mission Viejo, CA Office Sales
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Mission Viejo, CA Commercial Inventory Breakdown
Total: 1,392,849 SF
By square footage range:
- 50k to 100k SF: 521,924 SF / 37.47% of total office
- 100k to 500k SF: 870,925 SF / 62.53% of total office
- Class A: 824,712 SF / 59.21% of total office
- Class B: 568,137 SF / 40.79% of total office
Total: 339,889 SF
By square footage range:
- 50k to 100k SF: 90,838 SF / 26.73% of total industrial
- 100k to 500k SF: 249,051 SF / 73.27% of total industrial
- Class A: 90,838 SF / 26.73% of total industrial
- Class B: 249,051 SF / 73.27% of total industrial
Employment in Mission Viejo, CA
Job growth in Mission Viejo has increased by nearly 1% over the past year, with a labor force of nearly 49,000 in the city. Nearly 42% of the labor force in Mission Viejo works in the areas of management, administration, and sales.
Top employers in Mission Viejo include:
- Mission Hospital with over 2,400 employees;
- Saddleback College with over 1,700 people;
- Saddleback Unified School District with over 1,200 workers;
- Capistrano Unified School District with nearly 700 employees;
- Nordstrom, Macy's, and Target with a combined workforce of over 950 people;
- Vocational Visions with over 200 employees.
Education in Mission Viejo, CA
Over 94% of the adult residents in Mission Viejo are high school graduates or more, and nearly 46% hold a bachelor’s degree or higher.
Public schools in Mission Viejo are operated by both the Capistrano Unified School District and the Saddleback Valley Unified School District. Between the two districts there are 13 elementary schools, four middle schools, and four high schools. Private schools in Mission Viejo include Carden Academy and Al Ridah Academy.
Saddleback College in Mission Viejo is a large community college located in the city, while the University of California at Irvine, Chapman University, and California State University at Fullerton are all in nearby adjacent cities.
Commuting Time in Mission Viejo, CA
The average commuting time in Mission Viejo is about 25 minutes, with nearly 3% of the workforce having a super commute of 90 minutes or more. In addition, nearly 8% of the work week commuters carpool and close to 9% work from home.
Due to its location in Southern Orange County both business and residents have a variety of transportation options:
- The I-5 and the State Route 241 Foothill Toll Road are adjacent to Mission Viejo.;
- The Irvine Transportation Center is five minutes north of the city, and the nearby Laguna Niguel/Mission Viejo Station offers both Metrolink and Amtrak service.;
- John Wayne Airport is 16 miles north of Mission Viejo.
Mission Viejo Demographics
- Total Population96,535
- Male Population(49.5 %) 47,760
- Female Population(50.5 %) 48,775
- Median Age44.80
- Average Household Income$128,690
- Median Household Income$107,988
- Median Income Under 25$54,947
- Median Income 25-44$118,422
- Median Income 45-64$128,567
- Median Income Over 65$69,647
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