Long Beach, CA - Office Market Overview
The Long Beach real estate market includes the Bixby Knolls, East Village, and Los Altos office submarkets. Located in Los Angeles County, Long Beach is home to approximately 500,000 residents. As part of the Los Angeles metropolitan area, the city is within an area of over 13 million people.
As of mid-2017, the Long Beach office market encompasses over 9.2 million square feet of existing office space in properties larger than 50,000 square feet. Long Beach commercial real estate and the office market in the city are thriving, due to the proximity to Los Angeles and Orange County, as well as the vibrant mix of business and industry that call the city home.
Long Beach, CA - Office Inventory Description
The Port of Long Beach is the second-busiest container port in the U.S. and is among the world's top shipping ports. Long Beach is the second-largest city in the Los Angeles - Long Beach - Glendale metropolitan area, and contributes more than its share to the area's $682 billion in annual gross metropolitan product.
One of the office submarkets in the city that sees consistent demand for Class A office space is the Los Cerritos area of Long Beach. Located north of the I-405 between State Route 47 and Long Beach Boulevard, this office submarket is home to portfolio office properties such as the Freeway Business Center, Long Beach Towers, and the 4201 Long Beach Blvd office building.
Long Beach, CA Commercial Inventory Breakdown
Total: 9,915,567 SF
By square footage range:
- 50k to 100k SF: 2,065,457 SF / 20.83% of total office
- 100k to 500k SF: 7,850,110 SF / 79.17% of total office
- Class A: 4,144,477 SF / 41.8% of total office
- Class B: 5,361,265 SF / 54.07% of total office
- Class C: 119,698 SF / 1.21% of total office
Long Beach, CA - Green Office Space
Energy-efficient, green office space is increasingly in demand from tenants in the Los Angeles metro area, and office property owners in Long Beach are doing all that they can to meet this demand. Today in Long Beach, while just 5% of the larger office buildings are considered to be green, the amount of green office space in Long Beach is over 1.3 million square feet.
One example of a LEED-certified office building in Long Beach is Landmark Square on 111 West Ocean Boulevard. This 443,000-square-foot Class A office building is located in the West End Long Beach commercial real estate submarket. Built in 1990, the 24-story office property holds a LEED Gold certification.
The Los Angeles metro area ranked 13th in the 2017 National Green Building Adoption Index survey. This report looked at the top 30 office markets in the U.S., measuring the percentage of LEED-certified, EPA Energy Star-rated, and green office space. Over the past 12 years, the share of energy-efficient, green office buildings has grown to 38%, up from 5% just 12 years ago.
In Los Angeles, just under 4% of the office buildings larger than 50,000 square feet are USGBC LEED-certified, while over 10% are EPA Energy Star-rated, and almost 11% of the office buildings in the metro area are considered to be green buildings.
Long Beach, CA's Top Office-Using Sectors
The commercial real estate market in Long Beach stays vibrant, due in large part to the demand of top office-using business sectors such as electronics & telecommunications, healthcare, government & education, and large corporate office users.
- Electronics & Telecommunications – Demand for white-collar office space in Long Beach comes from companies such as Verizon, Epson, Laserfiche, and Pioneer Electronics.
- Healthcare – Institutions such as the Long Beach Memorial Medical Center, St. Mary Medical Center, Molina Healthcare, and the VA Long Beach Healthcare System are some of the largest employers and users of office space in Long Beach.
- Government & Education – The Long Beach Unified School District, the City of Long Beach, Long Beach City College, and California State University - Long Beach are among the top office users in this sector.
- Corporate Office – White-collar office employment in Long Beach is created by companies such as Boeing, Denso, Gulfstream Aerospace, and TABC.
Long Beach Demographics
- Total Population470,489
- Male Population(49.3 %) 232,135
- Female Population(50.7 %) 238,354
- Median Age34.30
- Average Household Income$80,613
- Median Household Income$58,314
- Median Income Under 25$29,312
- Median Income 25-44$59,795
- Median Income 45-64$68,092
- Median Income Over 65$43,721
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