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How much Class B office product has been converted to creative space and how much is the rent?

• In the past three years, over 100 Class B office properties have been, or are currently being converted to creative properties, totaling over 6.5 million square feet. A heavy majority of these conversions are occurring in the Airport Area submarket.

• With these renovations bringing higher rents, value-oriented tenants have fewer space options, particularly in the Airport Area. The average asking monthly rent for the Orange County Class B market is $2.56 per square foot, full service gross, compared to creative conversion buildings which average $3.17 per square foot.

• Many value-oriented tenants will be casting a wider net in their searches for office space which could drive up leasing activity in pockets of the market that offer a greater share of traditional Class B space.

Source: JLL Research

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