Cerritos, CA - Office Market Overview
Cerritos neighbors the Commerce, La Mirada, and Santa Fe Springs City commercial real estate markets. While Cerritos has a population of just over 50,000 residents, the city is also part of the much larger Los Angeles metro area, which is home to over 13 million people, creating a consistent demand for office space in Cerritos.
As of mid-2017, the Cerritos office market encompasses nearly 1.5 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Cerritos, CA, sees predictable demand due to its proximity to both Long Beach and Los Angeles, and the strong mix of larger retail, manufacturing, and distribution business within its borders.
Cerritos, CA - Office Inventory Description
As one of the gateway cities to Southeast Los Angeles County, Cerritos is part of the greater Los Angeles - Long Beach - Anaheim metropolitan statistical area and makes its contribution to the region's $682 billion in gross annual metropolitan product. Because of this, office space in Cerritos is highly sought-after. Nearly two-thirds of the office space in Cerritos is Class B, while Class C product adds another one million square feet of inventory to the market.
Some of the larger, investment-grade office buildings in Cerritos, which see strong demand include Cerritos Towne Center - 12750 Center Court, Plaza Tower at 18000 Studebaker Road, and the Avanti Business Center.
Cerritos, CA Commercial Inventory Breakdown
Total: 1,482,578 SF
By square footage range:
- 50k to 100k SF: 314,947 SF / 21.24% of total office
- 100k to 500k SF: 1,167,631 SF / 78.76% of total office
- Class A: 490,878 SF / 33.11% of total office
- Class B: 991,700 SF / 66.89% of total office
Cerritos, CA - Green Office Space
Tenants in the Los Angeles metropolitan area are beginning to put the availability of energy-efficient, green office space at the top of their list when they look for space. Despite its small size, there is a larger percentage of green office space in Cerritos than in many neighboring Los Angeles County cities. Of the office buildings larger than 50,000 square feet in Cerritos, 33% are green office buildings, bringing over 465,000 square feet of green office space to the Cerritos commercial real estate market.
One example of a LEED-certified office building in Cerritos is the Cerritos Towne Center - 12898 Towne Center Drive. Located on 183rd Street just west of the Artesia Freeway, this office building was constructed back in 1993 and contributes nearly 81,000 square feet of LEED Gold-certified office space to the Cerritos office market.
Perhaps that fact that there is such a high percentage of green office space should come as no surprise, given that the Los Angeles metro area ranks 13th among the top 30 office markets in the U.S. for the percentage of LEED-certified, EPA Energy Star-rated, and green-certified office buildings. The 2017 National Green Building Adoption Index surveyed the top U.S. office markets and discovered that, since 2005, the amount of green office space has increased to 38% on average across these top office markets.
Cerritos, CA's Top Office-Using Sectors
The Cerritos commercial real estate and office markets continue to be strong and robust, thanks to the diverse mix of retail, healthcare, government, and large corporate office users, which call the city home.
- Retail & Auto Sales – The Cerritos Auto Square consolidates all of the auto dealers into one area of Cerritos with easy freeway access, and also attracts a large number of smaller service businesses.
- Healthcare – College Hospital and Delta Dental of California are two of the city's largest employers and also significant creators of white-collar office employment in Cerritos.
- Government – The ABC Unified School District and the City of Cerritos create a need for white collar office space in the city.
- Corporate Office – United Parcel Service and AT&T Mobility are two of the larger companies in this top business sector in Cerritos.
- Total Population50,145
- Male Population(48.6 %) 24,375
- Female Population(51.4 %) 25,770
- Median Age45.50
- Average Household Income$118,302
- Median Household Income$98,953
- Median Income 25-44$117,462
- Median Income 45-64$114,162
- Median Income Over 65$66,472
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Rexford Industrial Realty has recently acquired an industrial property in Cerritos, Calif., in the low-vacancy Los Angeles Mid-Counties submarket. The company, which operates in the Southern California infill markets, purchased the 115,600-square-foot building in a $17.2 million transacti...