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How much have 2017 office deliveries impacted Irvine Spectrum’s average asking rents?

  • ​The Irvine Spectrum has been one of the fastest growing office markets in Orange County over the last five years. New multi-family and single-family housing developments, along with new retail amenities have attracted large and small companies to the area.

  • In 2017, Orange County saw 2.2 million square feet of new office deliveries, with 1.6 million square feet occurring in the Irvine Spectrum submarket. These deliveries include 400 Spectrum Center, Five Point Gateway, and Sand Canyon Business Center. The Quad @ Discovery is currently under construction and set to deliver 369,600 square feet in 2018. Delivering a significant amount of high rent space is driving up the market average.

  • Low vacancy calls for new construction. Excluding new space from this projects, Irvine Spectrum vacancy would stand at 5.9 percent, with Class A even lower at 3.3 percent, showing strong demand for space.

  • Leasing activity in the submarket is strong. The 425,000 square foot 200 Spectrum Center tower was delivered in 2016 and has already been leased up. The 2017 deliveries were a combined 70 percent leased at the end of the year, with leasing activity projected to remain strong in 2018.​​

Source: JLL Research

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