Newport Beach, population 86,688, is a quaint beach town in Southern California, despite it being smaller than its fellow submarkets, it continues to be an extremely desirable location for big employers like PIMCO and Wells Fargo. The resulting growth in these successful industries attract many people to its abundantly available opportunities. Business is not the only drive for tenants to invest their resources in Newport Beach, it is also the culture that makes it an appealing choice.

 

Office Specs

Inventory SF: 14.1 M

Under Construction SF: 26.5 K

12 Month Net Absorption SF: -41.2 K

Vacancy Rate: 9.0%

Gross Asking Rent/SF: $3.29

12 Month Rent Growth: 4.3%

 

Industrial Specs

Inventory SF: 1 M

Under Construction SF: 0 K

12 Month Net Absorption SF: 3.6 K

Vacancy Rate: 1.6%

Asking Rent/SF: $1.63

12 Month Rent Growth: 5.9%

 

 

Fun Facts:

1.     Newport Beach was home to one of America’s most beloved actors, John Wayne.  After his death, Orange County’s international airport was renamed after John Wayne. (Geos)

2.     On Balboa Peninsula in Newport Beach, there is a surf point legendary among surfers called The Wedge.  At this point, the Balboa Bay and the Pacific Ocean meet, which causes tides that make the waves thrilling but dangerous to surf.  Only the best, most daring surfers attempt to surf at The Wedge. (Geos)