Irvine, CA Office Overview
The Irvine city proper office market includes the East Industrial, Oak Creek, and Woodbridge submarkets. Situated in Orange County, Calif., with a city population of over 250,000 people and a County metropolitan population of over 3 million, the demand for Class A white collar office space in Irvine is driven by a wide variety of business and industry.
As of mid-2017, the Greater Irvine office market encompasses over 35 million square feet of existing office space in properties larger than 50,000 square feet. With numerous corporate headquarters and a growing high-tech sector, the demand for office space in Irvine remains robust.
Irvine, CA Office Inventory Description
National and international headquarters employment, higher education, and high technology, all contribute to the strong demand for office and commercial real estate in Irvine, Calif. With the Orange County gross metropolitan product at nearly $200 billion annually, there is ongoing demand for white collar office space in the Irvine metro area. Nearly 54% of the office space in Irvine is Class A or A+, with Class B office product adding another 46% of inventory to the office market.
The UC Irvine office submarket at the University of California Irvine sees some of the strongest demand for Class A office space in Irvine. Office buildings clustered around the University and Biomedical Research Center include the 23 University Research Park buildings along California Avenue.
North of the UC Irvine neighborhood is the Irvine Business Complex office submarket. Located next to John Wayne Airport, the area is home to trophy office properties such as Avian Court and the Corporate Point office building.
Irvine, CA Commercial Inventory Breakdown
Total: 41,517,703 SF
By square footage range:
- 50k to 100k SF: 12,612,341 SF / 30.38% of total office
- 100k to 500k SF: 25,354,057 SF / 61.07% of total office
- 500k to 1M SF: 2,251,305 SF / 5.42% of total office
- > 1M SF: 1,300,000 SF / 3.13% of total office
- Class A+: 1,379,237 SF / 3.32% of total office
- Class A: 19,995,143 SF / 48.16% of total office
- Class B: 18,274,323 SF / 44.02% of total office
- Class C: 98,925 SF / 0.24% of total office
Irvine, CA Green Office Space
Of the Top 30 Green Office Markets in the U.S., Orange County ranks 13 th for energy-efficient office buildings. While nearly 4% of the office buildings larger than 50,000 square feet are LEED certified, over 10% rank as Energy Star Certified and nearly 11% are recognized as green buildings.
The most recent National Green Building Adoption Index analyzed office property in the thirty largest U.S. metro areas, looking at the percentage of energy-efficient buildings. Orange County, including Irvine, placed 13 th in this survey. Over the past 12 years, the percentage of green certification has increased by less than 5% to about 38% in 2017.
The Irvine Concourse office building at 2050 Main Street is a beautiful example of a green building in Irvine. Awarded a LEED Silver certification, this 314,000-square- foot Class A office property was built in 2007 and is just one of the many LEED projects in Orange County.
Irvine, CA's Top Office-Using Sectors
Higher education institutions and the business they attract, technology, and the health care and bio-sciences industries all contribute to the powerful demand for Class A office space in the Irvine CA commercial real estate market.
- Technology – The high-tech sector provides a constant need for white collar office space with companies such as Broadcom Corporation, Razer, Meade Instruments, K2 Network, and Western Digital.
- Education – Institutions of higher education located in Irvine include Concordia University, California State University Fullerton, and Pepperdine University.
- Health Care & Bio-Sciences – Irvine is home to cutting edge companies such as Allergan, Inc., Edwards Lifesciences, and Zymo Research.
- Corporate Offices – A large part of the demand for white collar office space in Irvine comes from the numerous companies that have their international and North American headquarters in Irvine, including Asics, Samsung Electronics, Shimano, Toshiba, and Kia Motors.
- Total Population256,877
- Male Population(48.5 %) 124,653
- Female Population(51.5 %) 132,224
- Median Age34.40
- Average Household Income$125,316
- Median Household Income$95,573
- Median Income Under 25$11,107
- Median Income 25-44$100,911
- Median Income 45-64$116,610
- Median Income Over 65$67,749
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