Irvine, population 266,122, lies at the center of innovation, with new graduates from the University of California, Irvine, as well as other neighboring universities, this submarket is a desired location for many employers to establish their businesses. The sectors Irvine currently serves have shifted from the mortgage industry to business and technological services, allowing investors to obtain more diverse opportunities.

 

Office Specs

Inventory SF: 27.8 M

Under Construction SF: 155 K

12 Month Net Absorption SF: -139 K

Vacancy Rate: 12.1%

Gross Asking Rent/SF: $2.75

12 Month Rent Growth: 3.8%

 

 

Industrial Specs

Inventory SF: 18.3 M

Under Construction SF: 0 K

12 Month Net Absorption SF: -233 K

Vacancy Rate: 3.2%

Asking Rent/SF: $1.17

12 Month Rent Growth: 5.6%

 

 

Fun Facts:

1.     Orange County houses the Taco Bell headquarters in Irvine, California. (Geos)

2.     In 1929, James Irvine granted permission for Nobel Prize-winning physicist Albert Michelson to build a mile-long experimental vacuum tube on his ranch to measure the speed of light. (DestinationIrvine)

3.     The first airplane to fly successfully in California took flight in Irvine Ranch. (DestinationIrvine)