Irvine Co. sees an upswing in office rentals in six months

Notable office owner the Irvine Co. During the pandemic, office rental activity has picked up again over the past six months. The company has signed leases covering 2 million square feet with more than 200 companies in its Orange County portfolio. These transactions included lease renewals, new leases, and lease extensions.

“Companies and their employees recognize the office’s value for innovation, collaboration, culture and more. Gensler recently published a study that found that only 12 percent of employees would like to work from home in the future. Of course, during a pandemic, wellness and flexibility became major priorities. We provide optimal ventilation and air filtration systems, touch-free environments, disinfection protocols that go beyond CDC guidelines, and other industry-leading security protocols to help customers get back to the office safely. ” Thomas GreubelGlobeSt.com, Vice President of Leasing, Irvine Co. Office Properties, “We also offer more than 1,000 spacious, open-air, outdoor meeting and gathering spaces that are desirable and increasingly important meeting hubs, especially when physical distance is required is. “

While the 2 million square feet of activity was solely for the company’s Orange County portfolio, Greubel said the company saw similar traction on its San Diego properties as well. “Fortunately, we have seen significant leasing activity in San Diego for the same reasons. Companies remain optimistic about Orange County and San Diego because they have access to talent, places to live and work are desirable, and our vibrant work communities are focused on wellness, ”he said.

The company also helped drive leasing activities by adapting to new market conditions, such as the need for shorter-term leases and flexible space. “We introduced Flex Workspace +, which offers rental contracts with a term of just six months in October 2019 before the start of the pandemic,” says Greubel. “We’ve seen interest from companies who want flexibility, be it a shorter lease or extra space, as their business is growing and they want to be able to accommodate physical distancing. Many of our customers are making decisions today for their future beyond the pandemic. “

In addition, it was quick to respond to tenants’ health and safety concerns to ensure greater comfort when returning to the office. “We replaced more than 50,000 air filters, installed 13,000 signs to encourage proper physical distancing, added more than 2,000 touchless toilet fixtures, cleaned more than 6,000 coils, and purchased over 500 gallons of disinfectant for 1,000+ disinfection stations,” let’s say Greubel. “In consultation with UC Irvine Health to validate our protocols, they also said that with the right practices and protocols, companies can get back to the office safely.”

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