1 million square feet of supply was delivered last year, yet only 231,068 square feet was under construction during the first quarter of 2016. Although development activity has improved in the past two years, construction activity and completions still cannot keep pace with demand and absorption. Local real estate professionals anticipate this trend to continue throughout this year, although several developments are due to be completed late this year and early 2017.
Much of the construction is happening in Irvine, where the 425,044 square feet 200 Spectrum Center project was completed in March. This walkable, WiFi-enabled campus with 40-feet-wide uninterrupted window line provides breathtaking views of the surrounding lifestyle. Right next door is 400 Spectrum Center, which is perhaps the most significant project to break ground in the first quarter, and is predicted to be completed by September 2017. Another notable project is The Boardwalk on Jamboree Road in Irvine, which will comprise of two, nine-story towers amounting to 537,224 square feet of premier office space, due to be completed next spring.