Torrance, CA - Office Market Overview
The Torrance real estate market includes the Harbor Gateway South, Hollywood Riviera, and West Torrance - Southwood office space submarkets. Located in the South Bay region of Los Angeles County, Torrance is home to nearly 150,000 residents and is also part of the Greater Los Angeles metro area, which is home to over 13 million people.
As of mid-2017, the Torrance office market encompasses over 8.3 million square feet of existing office space in properties larger than 50,000 square feet. The large number of high technology businesses within the city help to drive the demand for both office space and commercial real estate in Torrance, CA.
Torrance, CA - Office Inventory Description
As far back as the early 1900s, Torrance was planned to be a mixed-use residential and industrial community. The plan succeeded so well that today Torrance contributes a significant share to the $682 billion in annual gross metropolitan product to the Los Angeles - Long Beach - Glendale area. Of the total Torrance office space in buildings larger than 50,000 square feet, over 1.6 million square feet is Class A or A+ office space, with Class B office inventory adding another 6.5 million square feet of space to the office market in Torrance, CA.
The Torrance Central Business District office submarket is one of the many areas in the city that sees consistent demand for Class A office space. Located between Hawthorne Boulevard and Madrona Avenue, north of Sepulveda Boulevard, this area is home to portfolio office buildings such as the Pacific Center, Mariner Court, and the Commonwealth Plaza office building on West Carson Street.
Torrance, CA Commercial Inventory Breakdown
Total: 9,107,151 SF
By square footage range:
- 50k to 100k SF: 3,102,387 SF / 34.07% of total office
- 100k to 500k SF: 4,381,526 SF / 48.11% of total office
- 500k to 1M SF: 1,623,238 SF / 17.82% of total office
- Class A: 1,737,337 SF / 19.08% of total office
- Class B: 7,169,702 SF / 78.73% of total office
- Class C: 94,112 SF / 1.03% of total office
Torrance, CA - Green Office Space
Energy-efficient, green office space in Torrance is increasingly in demand from both tenants and office building investors alike. Across the major markets in California and the U.S., the percentage of office buildings larger than 50,000 square feet that are classified as green buildings, LEED-certified, or EPA Energy Star-rated has increased over the past 12 years by 33%.
A great example of a LEED-certified office building in Torrance is the Toyota South Campus on South Western Avenue. Located in the Old Torrance commercial real estate submarket of the city, this 626,000-square-foot building was constructed in 2003 and holds a LEED Gold certification.
That's just one example. Looking at the Metro Los Angeles area as a whole, the region ranks 13th among the top 30 office markets in the U.S. for the percentage of green, LEED-certified, or Energy Star-rated office buildings. This is according to the 2017 National Green Building Adoption Index survey.
Torrance, CA's Top Office-Using Sectors
The Torrance office market is growing, thanks in large part to top office-using sectors like auto & aerospace, healthcare, light manufacturing, and large corporate office users.
- Auto & Aerospace – American Honda Motor Company, Inc., Honda R&D Americas, Honeywell Aerospace, and Robinson Helicopter Company are some of the largest creators of white-collar office employment in Torrance, CA.
- Healthcare – Institutions such as the Torrance Memorial Medical Center help create demand for white-collar office space in Torrance.
- Light Manufacturing – Alcoa Fastening Systems, Pelican Products, Verengo Solar, and Rapiscan Systems are a few of the companies in this top office-using sector of Torrance, California.
- Corporate Office – Large corporate office users such as Arconic, Conesys, Exxon Mobile, J-Tech, and Younger Optics help create demand for commercial real estate in Torrance, CA.
- Total Population147,190
- Male Population(49.0 %) 72,110
- Female Population(51.0 %) 75,080
- Median Age41.70
- Average Household Income$107,980
- Median Household Income$85,070
- Median Income Under 25$41,104
- Median Income 25-44$93,621
- Median Income 45-64$104,084
- Median Income Over 65$51,680
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