IRVINE, CA—A combination of commuting patterns, access to key educated employees and newly built real estate has made the decision for companies to locate in the Irvine Spectrum submarket an easy one, NKF managing director Jay Nugent tells GlobeSt.com. According to the firm's Q3 office report for Orange County, the Spectrum is becoming the metro's center of gravity, with office rental rates at an all-time high and among the priciest in the market; in fact, the average asking rental rate was up 26.7% from this time last year and was 9.2% above last cycle's high in 2008.
The report goes on to say that rising rents have not dampened absorption gains in this submarket. While the Spectrum contains only 10.7% of Orange County's office stock, it has become the largest absorption contributor, with 43.2% of the greater market's gains.
We spoke with Nugent about the Irvine Spectrum's rise to greatness and the challenges it faces going into 2018.
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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.
