Top Office Buildings, Lowest Vacancy Rates
Aside from their look-alike architecture, Orange County’s 10 largest commercial office buildings have in common a vacancy rate that is significantly lower than the countywide average of 20.3%
Together, the buildings hold 3.55 million square feet--roughly equal to 2,400 three-bedroom houses--with a vacancy rate of 16.2%.
And one major commercial broker is expecting overall vacancy rates to decline further as more-cautious lenders tighten the flow of funds available to builders. This would allow demand to catch up with the building boom of the past five years, when the majority of the “Big Ten” listed here were built.
However, aerospace layoffs and slumping home construction could dampen growth and inhibit demand for office space.
1. CENTER TOWER, Costa Mesa
Built: 1985
Cost when built: $51,653,252
Owner: Center Tower Associates
Floors: 21
Existing space: 464,000 square feet.
Available: 34,500 square feet
Vacancy rate: 7.4%
2. CITY TOWER, Orange
Built: 1988
Cost when built: $65,062,741
Owner: Metropolitan Tishman
Floors: 20
Existing space: 410,000 square feet
Available: 131,127 square feet
Vacancy rate: 32.0%
3. JAMBOREE CENTER PHASE II, Irvine
Built: 1989
Cost when built: $52,534,705
Owner: Irvine Co.
Floors: 19
Existing space: 386,968 square feet
Available: 77,393 square feet
Vacancy rate: 20.0%
4. BANK OF AMERICA TOWER, Orange
Built: 1973
Cost when built: $13,021,657
Owner: Metropolitan Life
Floors: 18
Existing space: 372,958 square feet
Available: 75,227 square feet
Vacancy rate: 20.2%
5. 4000 MacARTHUR, Newport Beach
Built: 1980
Cost when built: $26,487,366
Owner: Koll Center Newport
Floors: 10
Existing space: 354,263 square feet
Available: 105,066 square feet
Vacancy rate: 29.7%
6. TISHMAN EXECUTIVE TOWERS, Orange
Built: 1987
Cost when built: $59,067,070
Owner: Tishman-Executive Life
Floors: 16
Existing space: 351,050 square feet
Available: 37,167 square feet
Vacancy rate: 10.6%
7. IMPERIAL BANK, Costa Mesa
Built: 1981
Cost when built: $27,945,876
Owner: One Town Center Drive Associates
Floors: 17
Existing space: 315,216 square feet
Available: 10,000 square feet
Vacancy rate: 3.2%
8. 2600 MICHELSON, Irvine
Built: 1986
Cost when built: $50,965,538
Owner: Michelson Co.
Floors: 16
Existing space: 308,325 square feet
Available: 47,350 square feet
Vacancy rate: 15.4%
9. XEROX CENTER, Santa Ana
Built: 1988
Cost when built: $50,269,327
Owner: Birtcher Xerox Partners Floors: 15
Existing space: 305,229 square feet
Available: 31,932 square feet
Vacancy rate: 10.5%
10. CENTRAL BANK, Costa Mesa
Built: 1981
Cost when built: $90,357,267
Owner: Two Town Center Associates
Floors: 15
Existing space: 286,000 square feet
Available: 26,411 square feet
Vacancy rate: 9.2%
Source: First American Title Insurance Co., Grubb & Ellis Orange County Research Group and county assessor’s office
