32 years of growth in Orange County’s Irvine Spectrum
The Irvine Spectrum submarket has experienced impressive growth over the last 30 years.
December 04, 2018
- The Irvine Spectrum submarket has experienced impressive growth over the last 30 years. The area has long been known for its destination mall, Irvine Spectrum Center. However, since its inception in 1995, the area has transformed into an urban hub. Residential, office and retail construction has taken off in the last three decades.
- Since 1984, more than 13 million square feet of office has been developed, with 1.6 million square feet in the pipeline. A total of 2.5 million square feet of retail space has been delivered during the same time. This boom in retail and office has brought instant high demand for residential development as companies look to offer a live, work and play lifestyle to their employees.
- Likewise, residential development around the Spectrum has significantly increased. 15,000 multifamily units have been delivered during the last 32 years, with 3,400 units in the pipeline.
- Currently, there are over 13,000 residents living within walking distance of the Irvine Spectrum Center and nearly 130,000 housing units within a 5 mile radius of the Spectrum. Still, prominent developers in the area like The Irvine Company show no signs of slowing down development.
Source: JLL Research, BAO, Time, CoStar