Monterey Park, CA - Office Market Overview
Monterey Park neighbors the Arcadia, El Monte, and Alhambra commercial real estate markets. With a population of just over 61,000 residents, Monterey Park is also part of the greater metro Los Angeles region, which is home to over 13 million people. The office market in Monterey Park consistently sees strong demand due to being located just seven miles east of Downtown Los Angeles.
As of mid-2017, the Monterey Park office market encompasses over 1.7 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Monterey Park, CA, is driven in large part by a synergistic mix of both government and private industry.
Monterey Park, CA - Office Inventory Description
Monterey Park is part of a group of cities—including Alhambra, Arcadia, Rosemead, and San Marino—that, combined, have an Asian American population of nearly 70%. Monterey Park has also been ranked 3rd by Money magazine as one of 'America’s Best Places to Live 2017', and the demand for office space in Monterey Park reflects this. Of the larger office buildings in the city, Class B office space represents 100% of the office inventory in Monterey Park.
A few of the larger, investment-grade office properties in Monterey Park include the Los Angeles Corporate Center - Building 1000, the 1977 Saturn Street office building, the Atlas Corporate Center on Atlas Avenue, and the 901 Corporate Center Drive office property.
Monterey Park, CA - Green Office Space
Over the years the availability of LEED-certified, EPA Energy Star-rated, and green-certified office buildings has grown tremendously, both in California and the United States as a whole. According to the 2017 National Green Building Adoption Index, over the 12-year period between 2005 and 2017 the percentage of green office space in the top 30 U.S. office markets has increased by nearly seven-fold, to reach an overall percentage of 38% today.
While the city isn't large enough to be included among the top 30 office markets of the country, there are several good examples of green office space in Monterey Park, California. One such example of a LEED-certified office building is the SoCalGas Monterey Park facility. The utility company renovated about 16,000 square feet of mezzanine office space and replaced the existing roof system to allow the maximum amount of natural light into the office work areas. This project brings a significant amount of LEED Silver-certified office space to the Monterey Park commercial real estate market.
Monterey Park, CA's Top Office-Using Sectors
The Monterey Park commercial real estate and Class B office market sees robust demand for space from the dynamic mix of private and public office tenants, including the top office-using sectors in Monterey Park of the healthcare, government, and retail industries, along with larger corporate office users.
- Healthcare – Demand for white collar office space in Monterey Park comes from institutions such as the Garfield Medical Center, Monterey Park Hospital, and Care1st Health Plan.
- Government – Some of the largest employers and users of office space in this top office-using sector include the Los Angeles County Sheriff's Department, the City of Monterey Park, and the California Highway Patrol.
- Retail – The demand for commercial real estate in Monterey Park comes in part from companies such as Ralphs and CVS/Pharmacy.
- Corporate Office – White-collar office employment in Monterey Park is generated from firms such as AT&T, Southern California Gas Company, SynerMed, and First Data.
Monterey Park Demographics
- Total Population61,056
- Male Population(47.8 %) 29,196
- Female Population(52.2 %) 31,860
- Median Age44.70
- Average Household Income$78,449
- Median Household Income$55,117
- Median Income Under 25$33,036
- Median Income 25-44$64,058
- Median Income 45-64$61,033
- Median Income Over 65$39,352
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