It has filled 96% of its 2.2 million square feet after leasing 300,000 square feet to new tenants in 2023. Company officials also point to the proposed apartment site at UCI Research Park, with offices for medical technology firms. says its Orange County office portfolio is 91% leased at a time when the overall market is only 80% full. officials insist challenging market dynamics aren’t the motivation for this added housing. Yes, these are rough times for many commercial property owners as the work-from-home pivot slashed office demand. Another 4 acres on Technology Drive near the 133 toll road would be donated to the city for 320 affordable housing units built by others. The projects include 1,459 rentals on 29 vacant acres near Discovery and Laguna Canyon and 896 units on 10 vacant acres near Gateway and Pacifica. This follows the company getting approval to start work on rental housing at three other Irvine sites with zoning to serve corporate needs. The site is zoned for an office building. Look at Irvine Co.’s recent decision to plan for as many as 1,200 rentals on the last empty parcel at UCI Research Park at UC Irvine. Creating homes near these jobs is important to retaining Irvine’s top talent locally and preserving the city’s economic strength,” says Jeff Davis, an Irvine Co. “Our Class-A office campuses continue to attract top employers. Housing could be as critical as cubicles, meeting rooms, or factory and storage spaces. sees apartments as another way to serve local corporations. This quest would get a boost if more employees had shorter commutes. Local business leaders have complained for years about challenges in hiring because Orange County housing is so expensive.Īnd these same executives are now pushing to get people back into offices. Other members of this group are Orange Countians with two jobs. Some of this oddity can be tied to remote work – an Orange County boss with employees elsewhere. ![]() Yet, Orange County employers have added 73,000 positions in the same period. Meanwhile, the number of Orange County residents with jobs is off 23,000. Its population has fallen in each of the past five years, a total loss of 51,000 residents. My trusty spreadsheet tells me Orange County has a people problem. And now the company is seeking approval to do the same on a fourth parcel. already has the city of Irvine’s OK to start planning apartments at three sites of undeveloped land that once was targeted for low-rise commercial use. ![]() Maybe those low-slung office parks should be in those conversations, too.Ĭonsider that real estate giant Irvine Co. There’s been lots of talk about empty high-rise office towers and their potential as sites for extra housing. wants to put as many as 1,200 apartments on undeveloped parcel near University Drive in Irvine (Source: Google Maps)
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