Lake Forest, CA - Office Market Overview
Lake Forest neighbors the Anaheim, Costa Mesa, and Newport Beach commercial real estate markets. With a population of just over 83,000 residents, Lake Forest is located in Orange County, Calif. , which is home to over 3 million people. The office market in Lake Forest sees significant demand, due to the city's highly accessible location along the I-5 and Highway 241, as well as its proximity to the bustling business centers of Newport Beach, Long Beach, and Anaheim, California.
Lake Forest, CA - Office Inventory Description
In 2000, Lake Forest extended its city limits to include the master-planned communities of Foothill Ranch and Portola Hills. In the process, the number of commercial centers added to the Lake Forest real estate market increased significantly. There is office space in Lake Forest for almost any type of business. Class B office space amounts to nearly 1.5 million square feet, and accounts for nearly 90% of the office inventory in Lake Forest, while Class A or A+ office space contributes nearly 260,000 square feet to the market.
Some of the more notable larger Class B and Class A office buildings in Lake Forest include The Campus South County on Towne Center Drive, the Spectrum Pointe - 2 South Pointe Drive, and the Lake Forest Executive Center at 23101 Lake Center Drive.
Lake Forest, Orange County, CA Commercial Inventory Breakdown
Total: 2,563,488 SF
By square footage range:
- 50k to 100k SF: 1,119,131 SF / 43.66% of total office
- 100k to 500k SF: 1,444,357 SF / 56.34% of total office
- Class A: 674,586 SF / 26.32% of total office
- Class B: 1,888,902 SF / 73.68% of total office
Lake Forest, CA - Green Office Space
For a city with less than 2 million square feet of office space, there is a significant percentage of green office space in Lake Forest. Of the 21 office buildings in the city larger than 50,000 square feet, 24% are either green, Energy Star-rated, or LEED-certified. Together, they contribute a combined total of nearly 325,000 square feet of green office space to the Lake Forest commercial real estate market.
An outstanding example of a LEED-certified office building in Lake Forest is the Pacific Vista - Building C. Built in the year 2000, this Class B property adds over 70,000 square feet of LEED Silver-certified green office space to the Lake Forest office market.
Over the past dozen years, the percentage of large, energy-efficient office buildings across the country has been growing. According to the most recent National Green Building Adoption Index, which looked at the top 30 largest office markets in the U.S., the percentage of green certified office buildings stands at 38%. Just 12 years ago, in 2005, that percentage was less than 5%, representing nearly a seven-fold increase in just a few short years.
Lake Forest, CA's Top Office-Using Sectors
The Lake Forest office market sees strong and steady demand from top office-using sectors like the technology & light manufacturing, financial services, healthcare & bio-sciences industries, along with larger corporate office users.
- Technology & Light Manufacturing – Invensys, Sole Technology, Kaiser Aluminum, and Karem Aircraft are some of the biggest employers and largest users of office space in Lake Forest.
- Financial Services – White-collar office employment in Lake Forest comes from companies such as Loan Depot and the Eagle Community Credit Union.
- Health Care & Bio-Sciences – Demand for white-collar office space in Lake Forest is created by firms such as Apria Healthcare and Autism Behavior Services, Inc.
- Corporate Offices – Oakley, Panasonic Avionics Corporation, and Dynacast all help to drive the demand for commercial real estate in Lake Forest, Calif.
Lake Forest Demographics
- Total Population81,812
- Male Population(49.4 %) 40,450
- Female Population(50.6 %) 41,362
- Median Age39.00
- Average Household Income$118,550
- Median Household Income$96,963
- Median Income Under 25$67,917
- Median Income 25-44$98,444
- Median Income 45-64$115,992
- Median Income Over 65$61,309