City of Orange Office Space for Sale & Lease

City of Orange is one of Orange County, California’s main cities. It is just to the north of Santa Ana, the county seat. It is a unique and unusual city because the Old Town District has many homes and properties built before 1920. In the majority of Orange County, these properties were demolished in the 1960s, but Orange has preserved them instead. Interestingly, Orange also surrounds Villa Park, one of Orange County’s most affluent cities. As of the 2014 U.S. Census, some 139,812 lived in the city.

This city focuses strongly on health, education, and culture. This is also seen in the city’s largest employers, which include the city itself, the zoo, universities, and hospitals. There is a particular market for antique collectors in Orange as well, because there are many antique shops in the city, attracting thousands of visitors each year.

City of Orange Office Buildings for Sale & Lease – Should You Buy or Lease?

If you are interested in office space, be that as an investment or to run a business out of, you have two broad options available to you: buying or leasing. There are pros and cons to both of those options.

Looking first at buying office space, the pros include the fact that:

  • Your costs are fixed, which means you have clarity on your business expenses
  • You can get really good tax deductions, including property taxes and mortgage interest
  • You can rent some of your space out so that you can have additional cash inflow
  • You can build up a retirement fund, as the property is likely to appreciate over time.

However, the cons include:

  • Not having much flexibility, which means that if your business contracts or grows, you may have to sell the property sooner than you had planned
  • Having high upfront costs, mostly because of the at least 30% down payment required. You will also have maintenance, appraisal, and other property costs to pay.

The other major option is to lease office space, which also has clear benefits, including the fact that:

  • You can get a prime property, which is important if you want to boost your public image
  • You can free up some working capital because you don’t have to pay for a large down  payment
  • You can focus on actually running your business, rather than on the stresses of property ownership.

However, there are also some downsides to leasing, such as the fact that:

  • Your costs can go up, due to rent increases.
  • You do not build up any equity in the property, since you don’t own it.

To help choose between the two options, being aware of the trends and statistics in terms of prices, supply, and demand, can be very beneficial.

City of Orange Office Space for Sale – Trends and Statistics

  • The average office property asking price, sale trends, in dollars per square foot for the city was $276.62, which has been unchanged both over the past quarter and the past year. This is lower than the metro area ($317.28), and county area ($311.66), but higher than the state ($226.32).
  • The index of total available office spaces for sale in the metro area that includes Orange is 34, which is a 6% increase over the past three months, but a 3.7% decrease year-on-year.
  • The index of total number of listings of office properties for sale in the metro area that includes Orange is 35, which is a 5.5% increase over the past three months, but an 8.4% decrease year-on-year.
  • The profile view index for office properties for sale in the metro area that includes Orange is 138, which is a 19% increase over the past three months, and a 14.5% increase year-on-year.
  • The index of total square feet of available office properties for sale in the metro area that includes Orange is 36, which is a 1.8% increase over the past three months, but a 19.5% decrease year-on-year.

City of Orange Office Space for Lease – Trends and Statistics

  • The average asking rent for office space for lease in Orange expressed in dollar per square foot per year is $25.20, which is a 4.3% increase over the past three months, and a 4.6% increase year-on-year. This is lower than the metro ($25.41) area, but higher than the state ($23.08), and county ($24.33) area.
  • The index of total number of office spaces for lease in the metro area that includes Orange is 61, which is a 1% increase over the past three months, and a 3.1% increase year-on-year.
  • The profile view index for office spaces for lease in the metro area that includes Orange is 115, which is a 49.7% decrease over the past three months, and a 28.4% decrease year-on-year.
  • The index of total square feet available for office spaces for lease in the metro area that includes Orange is 58, which is a 3.7% decrease over the past three months, and a 12.4% decrease year-on-year.