Brea, CA - Office Market Overview
The Brea real estate market neighbors the Anaheim, Newport Beach, and Santa Ana commercial real estate markets. While the City of Brea has a population of just over 40,000 residents, the city is also part of the much larger Los Angeles metropolitan region, which is home to over 13 million people. Located only 33 miles southeast of Los Angeles, the demand for office space in Brea is consistently strong.
As of mid-2017, the Brea office market contained nearly 4 million square feet of existing office space in properties larger than 50,000 square feet. A diverse variety of commercial and industrial businesses drive the city’s economy, and create sturdy demand for commercial real estate in Brea.
Brea, CA - Office Inventory Description
As part of Orange County, Brea contributes a good share to the region's $866 billion in annual gross metropolitan product. Due to its proximity to both the City of Los Angeles and the City of Long Beach, demand for office space in Brea is consistent year over year. Class A or A+ office space in Brea totals just under 2.3 million square feet, while Class B product is 1.5 million square feet of the total office space in the Brea market.
Although small in size, the City of Brea has more than its share of Class A portfolio office properties. Located mainly along Interstate 90 and Route 57, some of the investment-grade office buildings in Brea include the Brea Corporate Plaza, the Saturn Business Park, and the Fairway Center II at 675 Placentia Avenue.
Brea, CA Commercial Inventory Breakdown
Total: 3,634,821 SF
By square footage range:
- 50k to 100k SF: 1,006,465 SF / 27.69% of total office
- 100k to 500k SF: 1,990,853 SF / 54.77% of total office
- 500k to 1M SF: 637,503 SF / 17.54% of total office
- Class A: 2,077,147 SF / 57.15% of total office
- Class B: 1,557,674 SF / 42.85% of total office
Brea, CA - Green Office Space
Green office space in Brea totals nearly 802,000 square feet, or about 21% of the total office space in the city, in buildings larger than 50,000 square feet. Over the past decade, the percentage of green, LEED-certified, and Energy Star-certified office buildings in the top 30 U.S. office markets has grown significantly. Back in 2005, less than 5% of the available office space was green. Now, according to the most recent National Green Building Adoption Index, about 38% is rated as green, energy-efficient space.
One example of a LEED-certified office building in Brea is the ECCU III office building. Located at 975 West Imperial Highway, this property was constructed in 2004 and contributes 82,150 square feet of Class A LEED-certified office space to the Brea commercial real estate market.
Brea, CA's Top Office-Using Sectors
The Brea office market is driven in large part by the top office-using sectors of banking, insurance, retail, and large corporate headquarters.
- Banking – Bank of America is one of the top creators of white collar office employment in Brea.
- Insurance – Demand for office space in Brea is also generated by companies such as Mercury Insurance Group, The Hartford, and VIP Pet Insurance.
- Retail – Large retailers, and the numerous vendor businesses they attract, include Albertson's and Nordstrom.
- Corporate Office – Companies headquartered in the city include Beckman Coulter, Inc., Nature's Best, Ventura Foods, LLC, and ViewSonic North American. These and more help drive demand for commercial real estate and office space in Brea.
- Total Population41,921
- Male Population(48.7 %) 20,421
- Female Population(51.3 %) 21,500
- Median Age37.90
- Average Household Income$110,178
- Median Household Income$90,214
- Median Income Under 25$63,583
- Median Income 25-44$101,152
- Median Income 45-64$98,942
- Median Income Over 65$60,175