Mission Viejo Gets Its Groove Back
Mission Viejo is one of OC's up-and-coming office markets. (If you get in there now, you'll be able to say you liked it before it was cool.) Avison Young principal Alan Pekarcik tells us why.
The Orange County office market has bounced back, sustained by payrolls that are almost back to pre-recession levels. As one of south Orange County’s strongest submarkets, Mission Viejo will benefit, says Alan (right, with colleague Dan Vittone). It offers a diverse mix of residential choices as well as professional jobs that fuel the office market. And the convenience of working close to where you live is a plus for recruiting employees, making office investments in the area promising over the long term. (It's harder to blame traffic when you walk to work, but we're sure creative employees can find new and exciting excuses.)
Dan says the market’s got high barriers to entry for new development, a dense population, and strong income demographics. Recently Alan and Dan, along with Voit Real Estate Services Trent Walker, repped the seller of HighPark Corporate Center, a 37k SF office building at 23351-23361 Madero in Mission Viejo, to CK HighPark LLC, which was repped by Bratun Real Estate. The property is 93% occupied by four tenants. (Something to think about: No matter which company fills that last 7%, it'll mean an odd total, thus a bye week in all inter-office tournaments.)
