California’s continued economic growth leads to increased office space.
Prolonged economic growth has driven demand for new office space in California’s key markets. To respond to this overwhelming demand, 2019 saw the addition of 16 million square feet of new office space. Your commercial realty advisors report on the top five California markets for new office space.
1) San Francisco
San Francisco remains one of the most popular markets for companies and talent. In 2019, the city added approximately 4.8 million square feet of new office space.
2) Bay Area
With San Francisco holding the top spot for new office space development, it’s not surprising that the Bay Area is number two. In 2019, the market delivered just over 4.7 million square feet of new office space.
3) Orange County
In 2018, Orange County delivered less than 500,000 square feet of office space. This is why the 1.7 million square feet that hit the market in 2019 is such an impressive turn-around. Orange County’s growth has been bolstered by demand for modern office spaces and the exodus of smaller companies out of neighboring Los Angeles County.
4) Inland Empire
The Inland Empire has experienced steady demand for office space due to its cheaper rental rates and proximity to California’s larger markets. While new office space was limited, with only 386,000 square feet entering the market, increased demand should lead to further development in the coming years.
5) Central Coast
California’s Central Coast, most notably Santa Barbara and San Louis Obispo counties, saw significant growth in the professional market. With 13 million square feet of office space already available, 2019 saw the addition of 143,000 square feet of new space.
These are the top five California market for new office space. Interested in staying up to date with the latest commercial real estate news? If so, then contact the experts at California Commercial Realty Advisors, Inc. Your commercial realty advisors are eager to assist you with all your real estate needs today.