Mission Viejo, CA - Office Market Overview
Mission Viejo neighbors the Anaheim, Costa Mesa, and Newport Beach commercial real estate markets. With a population of just under 100,000 people, Mission Viejo is also part of the much larger Orange County area, which is home to over 3 million residents. Although suburban in nature, the office market in Mission Viejo sees consistent demand, due to its proximity to both the Long Beach and Los Angeles markets.
As of mid-2017, the Mission Viejo office market encompasses over 1.2 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Mission Viejo, CA, is a healthy mix of predominantly light manufacturing, healthcare, educational institutions, and business.
Mission Viejo, CA - Office Inventory Description
While the City of Mission Viejo is home to a relatively small population, the city's extended area of economic influence includes the neighboring cities of Aliso Viejo, Dana Point, Laguna Beach, Laguna Niguel, and San Juan Capistrano. This, combined with the synergistic mix of Class A and B office space, helps keep the office inventory in Mission Viejo attractive to both tenants and investors alike. Class A or A+ office inventory in Mission Viejo brings just over 550,000 square feet of space to the market, while Class B office product adds nearly 685,000 square feet more to Mission Viejo's office inventory.
Some of the larger, investment-grade office properties in Mission Viejo include the Cerro office building at 27401 Los Altos, the Pala Place Corporate Center on Pala Drive, and the Highpointe office building at 25910 Acero.
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
Mission Viejo, CA - Green Office Space
While Mission Viejo doesn't have any green office buildings that are over 50,000 square feet in size, that doesn't mean the city isn't taking green building seriously. An interesting example of a LEED-certified building in Mission Viejo is the Atria Del Sol assisted living and memory care senior living residences. Following an $8.6 million renovation that included numerous energy-efficient and eco-friendly enhancements, the property was awarded a LEED certification.
Across California and the rest of the United States, the importance of energy-efficient, green commercial building continues to grow. For example, the most recent National Green Building Adoption Index, completed in 2017, surveyed only the top 30 office markets in the country to measure the growth of green office space. The overall percentage of properties in these top markets that were certified as green office, EPA Energy Star-rated or LEED-certified increased seven-fold over the past 12 years. Back in 2005, fewer than 5% of these larger office properties were rated green. Now, about 38% are certified green office space.
Mission Viejo, CA's Top Office-Using Sectors
The Mission Viejo commercial real estate and office market sees predictably strong demand from the top office-using sectors of Mission Viejo of the education, healthcare, and manufacturing industries, along with larger corporate office users in the city.
- Education – Saddleback College and the Capistrano Unified School District, along with the various smaller businesses they attract, help to create demand for office space in Mission Viejo.
- Healthcare – The Mission Viejo Hospital is not only the largest employer in Mission Viejo, it is also the largest hospital in South Orange County, helping to drive the need for white-collar office space in Mission Viejo.
- Manufacturing – Demand for commercial real estate in Mission Viejo comes from companies such as Fluid Industries, Amden Corporation, Boeing, and Panasonic Factory Solutions.
- Corporate Offices – Corporate headquarter locations such as Marie Callender's generate demand for white-collar office employment in Mission Viejo, CA.
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