IRVINE, CA—Projects like Dyer Road and Beckman Business Center are rare, but they are good examples of investors finding creative ways to redevelop or renovate older and functionally obsolete industrial buildings, JLL EVP Nick Carey tells GlobeSt.com. According to the firm's Q3 industrial report, a 495,000-square-foot multi-building development planned at Dyer Road and Tech Center Drive. in Santa Ana, CA, will be the largest industrial development in the Airport Area so far this century.
The report also revealed that the West and North County submarkets recorded Q3 positive net absorption of 514,498 and 438,972 square feet respectively and that investors are now willing to pay more than owner-occupiers, which historically has not been the case.
We spoke with Carey about large-size industrial developments in this market and why investors are willing to pay more than owner-operators for industrial space in this market.
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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.
