Irvine Spectrum, south of Irvine with population 266,122, is the central hub of businesses that specialize in new technology as well as research and development efforts. In more recent years, Irvine Spectrum has attracted a diverse pool of tenants from its neighboring submarket, Irvine, through its abundance of flex and R&D properties. A recent $150 million is currently being dedicated to the reinvestment of Irvine Spectrum Center, a popular outdoor mall with over 140 stores and its very own Ferris wheel, adding to the appeal of this submarket.

 

Office Specs

Inventory SF: 14.6 M

Under Construction SF: 365 K

12 Month Net Absorption SF: 884 K

Vacancy Rate: 9.4%

Gross Asking Rent/SF: $2.81

12 Month Rent Growth: 3.1%

 

 

Industrial Specs

Inventory SF: 20.7 M

Under Construction SF: 0 K

12 Month Net Absorption SF: -270 K

Vacancy Rate: 4.6%

Asking Rent/SF: $1.29

12 Month Rent Growth: 5.8%

 

 

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)