IRVINE, CA—Drivers of outdoor office amenities, particularly in Orange County, range from clement weather most of the year to open floor plans and technology itself, JLL senior managing director Jeff Ingham tells GlobeSt.com. All of these drivers enable amenities that make Orange County office assets even more appealing to tenants and investors.
The market is especially strong. According to the firm's Q3 office report, sales volume has picked up, and so has pricing. In 2016, volume totaled $1.7 billion, compared to a year-to-date total of $1.9 billion. Average sales price has climbed 12.9% to $280 per square foot, with the number of transactions of at least $350 per square foot doubling from four to eight.
The report also revealed that as the tenant mix continues to diversify in Orange County, flexible-office space is playing a significant role in this change. Including executive suites and co-working operators, there are more than 50 flexible-office locations totaling approximately one million square feet, half of which is located in the Airport Area.
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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.
