Creative Office Driving OC Development. Here's Why.
Savills Studley EVP Royce Sharf tells us the region’s pool of big blocks of Class-A space has been depleted, and that's inspiring developers to be inventive by repurposing Class-B space and some industrial buildings to fit the space needs of today’s tenants. That is, being creative when it comes to creative space. "Redevelopment's gaining momentum as large leases and corporate activity dominate Orange County’s office market," he says, even as some ground-up spec office projects get underway.
Savills Studley recently released its Q3 report on OC office, which cites Bixby Land Co as a major creative redeveloper in the region—including its 33.7 North in Tustin (pictured)—but it's not the only player in the game. Other owners repurposing older structures include Lincoln Property with its 300k SF office project called Axis, in Anaheim, and Harbor Associates' spec creative suites in the 25371 Commercentre in Lake Forest.