Alpha Omega Contractors is happy to report commercial construction continues to rise up in Orange County. The continued increase in commercial construction in OC now includes growing retail construction. Retail and office construction were once both lagging compared to other commercial real estate construction projects. Now, we’re seeing both sectors are experiencing positive new growth.
Industry studies and reports regarding the rise of commercial construction mirror what we at AO Contractors have been experiencing in Orange County. According to The Winter 2022 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey, “the current recovery from the recent pandemic-related economic recession has had a positive effect on all commercial construction sectors in California.”
A Rise in Commercial Construction and Commercial Property Values in OC
Not only have we seen a positive rise in commercial construction projects, we’ve also seen an increase in commercial construction property values in OC, as we’ve reiterated in our blog.
In a recent article, The Orange County Register drove home the point of seeing positive gains across commercial real estate in commercial construction and commercial property values alike. “Overall values rose 24% last year to a record high, after falling 8% following the virus outbreak in 2020.” As the economy began to rebuild, a “buying binge for commercial property” also occurred.
Property owners have been rewarded with an increase in their commercial investment values.
Office Upgrades and Repurposing Needs Rise in OC
As more Orange County offices reopen, we’re seeing an increase in the need for remodeling and repurposing those spaces. According to the National Center for Construction and Education and Research, “Companies have realized the value of having a team in the office in order to establish culture, create loyalty, induce creativity, and mentor young employees.” Catering to the hybrid work environment in relation to office space means flexibility for part-time remote work with a more integrated in-office experience. As a result, there’s a need for new commercial office development to remodel offices that currently exist, as well as the need to create new mixed-use office space.
Hybrid offices are developing a more open, collaborative working environment. Gone are the days of cubicles and closed door offices. Companies are listening to their employees and realizing the value of bringing teams together in person.
How Can AO Contractors Help with Your Next OC Commercial Project? Contact us today!
With over four decades of collective experience in commercial construction, Alpha Omega Contractors is your go-to commercial construction company in Southern California. Our AO team helps bring your commercial projects to life with locations in both the Orange County and Los Angeles area.
Our experienced team of commercial contractors, designers, and design-build experts will collaborate with you from the initial stages of pre-construction through to putting the finishing touches on your next commercial project on time and within budget. For more information, contact us by filling out this form or calling us at (714) 616-0417.