Orange, CA - Office Market Overview
The city of Orange neighbors the Anaheim, Santa Ana, and Yorba Linda commercial real estate markets. With a population of just over 140,000 residents, Orange, Calif., is also part of the much larger Los Angeles metropolitan region, which is home to over 13 million people. The office market in Orange sees consistent demand due to the city's closeness to the business centers of Santa Ana, Anaheim, Long Beach, and the City of Los Angeles.
As of mid-2017, the Orange, Calif., office market is home to over 5.7 million square feet of office space in buildings larger than 50,000 square feet. The demand for Class A office space and commercial real estate in Orange, CA, is driven by consistent demand from the healthcare and government sectors office users.
Orange, CA - Office Inventory Description
The historic charm of Orange attracts both residents and businesses alike, with the demand for Class A office space in Orange, California coming from a variety of businesses of all sizes. Of the over 5.8 million square feet of office space in the City of Orange, an astounding 75% is Class A or A+ office space, while Class B space adds just over 1.5 million square feet more to the Orange, Calif., office market.
Some of the larger Class A office buildings in Orange include the City Centre II on the City Drive South, the St. Joseph Medical Tower on West La Veta Avenue, and the Tricentre office tower at 333 South Anita Drive.
Orange, CA Commercial Inventory Breakdown
Total: 5,882,160 SF
By square footage range:
- 50k to 100k SF: 1,193,911 SF / 20.3% of total office
- 100k to 500k SF: 4,688,249 SF / 79.7% of total office
- Class A: 4,157,934 SF / 70.69% of total office
- Class B: 1,724,226 SF / 29.31% of total office
Orange, CA - Green Office Space
In addition to having one of the highest percentages of Class A office space compared to its neighboring cities, there is also an abundant amount of green office space in Orange, Calif. Nearly 25% of Orange office buildings larger than 50,000 square feet are rated as green, Energy Star-rated, or LEED-certified. Combined, these buildings amount to nearly 1.8 million square feet of energy-efficient, green office space to Orange, making up over 30% of the total office inventory in Orange green office space.
A great example of a LEED-certified office building in Orange is the Orange City Square - 790 The City Drive. Constructed back in 1988, this office building contributes nearly 95,000 square feet of Class B LEED-certified office space to Orange, showing that office space doesn't have to be Class A to be green.
Across the top 30 office markets in the country, the percentage of office space rated as green, energy-efficient space has increased by 33% over the past 12 years. According to the 2017 National Green Building Adoption Index, back in 2005 less than 5% of the office space in these top markets was green. Now, that percentage reached 38%.
Orange, CA's Top Office-Using Sectors
The Orange commercial real estate and Class A office market sees some of the strongest demand from top office-using sectors like healthcare, education, government, and larger corporate office users.
- Healthcare – Institutions such as the University of California - Irvine Medical Center, the Sisters of St. Joseph Hospital, and the Children's Hospital of Orange County create demand for white-collar office employment in Orange, Calif.
- Education – Santiago Canyon College and Chapman University are two of the largest employers in the city.
- Government – The Orange County Transportation Authority and the City of Orange help to drive the demand for commercial real estate in Orange.
- Corporate Office – National Oilwell Varco, AECOM, and CaliforniaChoice are some of the larger users of Class A office space in Orange, California.
- Total Population145,633
- Male Population(49.9 %) 72,649
- Female Population(50.1 %) 72,984
- Median Age34.30
- Average Household Income$63,421
- Median Household Income$87,388
- Median Income Under 25$27,313
- Median Income 25-44$91,025
- Median Income 45-64$104,449
- Median Income Over 65$61,719
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