2019-07-11_DTZ戴德梁行_Office_Q2_2019_Orange_County_4页_662kb

报告摘要

Orange County Office Market Summary Q2 2019

Core Content Overview

The document provides a comprehensive overview of the Orange County office market for Q2 2019, including economic indicators, market performance metrics, key lease and sales transactions, and statistical data on vacancy rates, net absorption, and rental rates. The report is prepared by Cushman & Wakefield, a leading real estate services firm, and includes data from various submarkets across Orange County.

Economic Indicators

Orange County Employment: Increased to 1.67 million in Q2 19 from 1.65 million in Q2 18, representing a 1.1% annual growth.
Orange County Unemployment Rate: Declined to 2.4% in Q2 19 from 3.5% in Q2 18.
U.S. Unemployment Rate: Also declined from 3.9% to 3.6% during the same period.
Real GDP Growth: Projected to grow by 3.3% in 2019, indicating a strong economic expansion, which is the longest in U.S. history as of July 2019.

Market Overview

Overall Asking Rent: Rose to $3.02 psf/mo in Q2 19 from $2.86 psf/mo in Q2 18, an increase of 5.6%.
Vacancy Rate: Increased to 11.9% in Q2 19 from 11.3% in Q2 18, a rise of 90 basis points.
YTD Net Absorption: Reached 399k sf in Q2 19, up 18.4% compared to the same period in 2018.
Under Construction: Total under construction space in Q2 19 was 418,751 sf, down from 787k sf in Q2 18.

Submarket Performance

Submarket	Overall Vacancy Rate	YTD Net Absorption (SF)	YTD Leasing Activity (SF)	Under Construction (SF)	Overall Asking Rent (psf/mo)
South Santa Ana	12.7%	67,554	15,760	0	$2.79
Costa Mesa	16.1%	13,337	157,607	0	$3.03
Newport Beach	7.5%	-30,383	255,318	0	$3.43
Irvine	15.6%	299,829	1,214,802	0	$3.33
GREATER AIRPORT AREA/CBD	13.9%	350,337	1,643,487	0	$3.26
Irvine Spectrum	12.2%	314,032	572,003	418,751	$3.85
Lake Forest/R.S. Margarita	6.4%	-45,256	-45,256	0	$2.46
Laguna Hills/Aliso Viejo	12.3%	-70,005	208,494	0	$3.12
Laguna Niguel/Laguna Beach	8.8%	-9,368	6,400	0	$2.91
Mission Viejo	9.0%	-14,833	24,706	0	$3.00
S.J. Cap/S. Clemente/Dana Point	3.5%	-13,770	-13,770	0	$2.36
SOUTH COUNTY	10.6%	-40,252	873,738	0	$2.43
Seal Beach	7.1%	9,254	21,654	0	$3.30
Westminster	4.2%	-1,309	8,392	0	$2.11
Huntington Beach	8.1%	-20,460	72,505	0	$3.00
Fountain Valley	5.1%	-11,644	5,296	0	$1.82
Garden Grove	5.5%	-11,644	4,493	0	$1.95
Los Alamitos/Stanton	37.5%	-3,880	157,146	0	$1.62
Cypress	11.4%	-11,294	150,164	0	$1.98
WEST COUNTY	11.1%	-40,252	419,650	0	$2.43
Parkcenter Area	9.6%	-5,968	124,670	0	$2.30
Stadium Area	10.3%	-67,682	124,816	0	$2.50
The City Area	14.3%	-60,085	50,015	0	$2.89
Main Place Area	13.3%	-33,390	131,997	0	$2.54
Tustin (South of I-5)	20.2%	-12,710	101,397	0	$2.72
Santa Ana	12.1%	38,492	98,077	0	$2.21
North/East Anaheim	8.9%	26,906	114,264	0	$2.43
East Orange	4.6%	-1,694	3,557	0	$2.49
Civic Center Area	12.5%	6,045	6,045	124,945	$1.74
CENTRAL COUNTY	11.5%	-110,086	873,738	0	$2.43
Fullerton	0.6%	3,060	3,060	4,557	$1.91
Brea/La Habra	3.6%	63,151	117,531	0	$2.39
Placentia/Yorba Linda	9.9%	-20,068	-20,068	20,414	$2.09
Buena Park/La Palma	14.0%	-7,676	25,332	0	$2.38
NORTH COUNTY	5.1%	38,467	167,834	0	$2.35
O.C. MARKET TOTALS	11.9%	399,266	3,937,568	418,751	$3.02

Key Lease Transactions

17300 Laguna Canyon Road: WeWork leased 116,261 sf in Irvine Spectrum.
3 Glen Bell Way: Ford Motor Company renewed a lease for 89,578 sf in Irvine Spectrum.
15771 Red Hill Avenue: Tricon Homes leased 76,000 sf in Tustin.
18565-18575 Jamboree Road: Rutan & Tucker leased 75,284 sf in Irvine.
1700 Flight Way: Happy Money leased 72,010 sf in Tustin Legacy.
500 S Main Street: County of Orange leased 69,151 sf in Santa Ana.
1500 S Douglass Road: University of California leased 64,000 sf via sublease in Anaheim.
100 Bayview Circle: WeWork leased 53,478 sf in Newport Beach.
3161 Michelson Drive: Jones Day renewed a lease for 53,013 sf in Irvine.
4041 MacArthur Boulevard: WeWork leased 51,716 sf in Newport Beach.

Key Sales Transactions

2 MacArthur Place: Sold to Ocean West Capital Partners for $399 psf, with a total sale of $83 million.
1 MacArthur Place: Sold to Angelo, Gordon & Co. for $257 psf, totaling $54 million.
1800 E Imperial Highway / Fairway Center I: Sold to Dollinger Properties for $230 psf, totaling $33.5 million.
23 Pasteur / Westcorp Plaza: Sold to TGS Management for $223 psf, totaling $28 million.
27061-27081 Aliso Creek Road: Sold to AACCN for $228 psf, totaling $28.375 million.
15750 Alton Parkway: Sold to IRA Capital for $317 psf, totaling $32 million.

Outlook

New Class A office developments have contributed to an increase in vacancy rates in the first half of 2019.
Over 900k sf of new office space has been delivered in 2019, with another 350k sf expected to be completed in the next quarter.
The report anticipates that the impact of new construction on vacancy will subside by the end of the year as tenants gradually occupy the newly available space.

Explanation of Terms

Total Inventory: The total amount of office space available for rent.
Overall Vacancy Rate: The percentage of unoccupied space in total inventory.
Direct Vacancy Rate: The percentage of unoccupied space directly available through landlords.
Absorption: Net change in occupied space over a period, calculated as the difference between current and previous quarter occupancy.
Leasing Activity: Includes all leasing transactions, including pre-leasing and expansions, but not renewals.
Under Construction: Office and industrial space not yet occupied, not yet completed by the end of the quarter.
Overall Weighted Asking Rents: Average rent weighted by the amount of available direct and sublease space.
Class A Asking Rents: Average rent for Class A properties, weighted by available space.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm, with approximately 51,000 employees across 400 offices in 70 countries. In 2018, the firm reported revenue of $8.2 billion across various services, including leasing, capital markets, and valuation. The firm provides detailed market insights and is represented by key contacts such as Eric A. Kenas and Mark Williams.

展开完整摘要