The Race to Develop OC Office Properties
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Bevan: “The most likely outcome, and maybe not such an unfavorable one, is that the development will have a staggered and more protracted market delivery over the next 24 to 48 months.”
IRVINE, CA—Tenant demand for Orange County officespace is booming, and developers are doing everything they can to meet demand as quickly as possible. According to JLL, with tenants seeking new amenities from office space, developers have been active in repositioningproperties to keep up with demand. Recently completed projects include Gen2, Avalon, Radius and 2860 Michelle Dr., which combine for 242,500 square feet. Also, developers are drawn to reposition properties because costs are lower and length of construction time is shorter than ground-up development. The buildings currently being repositioned total 840,000 square feet.
We spoke exclusively with JLL’s EVP Joe Bevan about the race to complete office properties in this market and how office-construction timelines are changing…
The Race to Develop OC Office Properties
