Booming Orange County Real Estate Market Puts Demand on Quality Commercial Space

A Real Estate Firm that Understands the Local Market and Offers Choices is Key

Irvine, part of the well-known Orange County area in California, is more than one of America’s first and most successful master-planned communities. Irvine prides itself as one of the cleanest and safest cities in Southern California. Irvine is known for its spectacular beaches, world-renowned shopping, championship golf courses, protected wilderness areas, award-winning restaurants, and prominent arts and culture. It also has a thriving business environment, with a highly skilled and educated workforce.

Through 2005 across Southern California, the Orange County real estate market boomed and had the second-highest increase in million dollar sales since 1988. From Newport Beach to Stanton, there was at least one home in every city of the county that sold for more than $1 million. Orange County's affluence, combined with the recent completion of high-end housing developments, contributed to the rising number of million dollar-plus homes. Despite the nationwide cooling of the local housing market, as of September 2006, the median price for the re-sale of a single-family home in Orange County was $680,000 - reflecting a gain of 0.7% over the previous year.

So, not surprisingly, the commercial real estate market in Irvine and the rest of Orange County is also going strong. Commercial developers continue to place bets on Orange County – a good space is hard to find and demand shows no sign of slowing. Japan's Ricoh Co., a maker of copiers and other electronics, recently doubled its space in Tustin, taking its entire 500,000 square feet in what became one of the biggest commercial leases - worth $10 million, and second only to Broadcom's 700,000-square-foot deal in Irvine last year.

Companies looking for office space in Irvine, benefit greatly by working with a commercial real estate firm that understands the local market and can offer a variety of outstanding choices. Such firms can represent tenants to assist in finding new corporate locations that suit the company’s particular needs. Their experienced staff can work with corporate clients to provide custom business solutions tailored to their industry, attract the target client profile, obtain the right information, and secure the strongest negotiating position.