BREA, CA-The office market in Orange County istightening to the point where not only class-A space is hard tofind, but class-B vacancy is also plummeting in some areas.Scott Meserve, EVP of the KollCo., tells GlobeSt.com that in Brea, class-B vacancy ratesshould be entering the single digits shortly.
As GlobeSt.com reported earlier this week, theKoll Co. hassigned the IMS Co., which was recently acquired byZodiac Aerospace of France, to what is beinghailed as the largest office-lease deal in Orange County so farthis quarter. IMS has taken 81,077 square feet of space at2929 Imperial here, bringing the two-story,121,153-square-foot office park to full occupancy;the long-term lease is valued in excess of $11 million.
“Statistically, and if you also just ask people, everyone saysthe office market is getting better,” says Meserve. “Class-B spaceis starting to fill up, particularly if you're in a location thatattracts corporate America.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
