There’s been lots of talk about empty high-rise office towers and their potential as sites for extra housing.
Maybe those low-slung office parks should be in those conversations, too.
Consider that real estate giant Irvine Co. already has the city of Irvine’s OK to start planning apartments at three sites of undeveloped land that once was targeted for low-rise commercial use. And now the company is seeking approval to do the same on a fourth parcel.
It makes some sense. My trusty spreadsheet tells me Orange County has a people problem. Its population has fallen in each of the past five years, a total loss of 51,000 residents. Meanwhile, the number of Orange County residents with jobs is off 23,000.
Yet, Orange County employers have added 73,000 positions in the same period. Who (and where) are these workers?
Some of this oddity can be tied to remote work – an Orange County boss with employees elsewhere. Other members of this group are Orange Countians with two jobs.
But most of this gap comes from bosses “importing” workers – commuters who jam local freeways and streets every business day.
More housing could do more than increase affordability. It could lower traffic, too, if fewer folks have long treks to and from work.
Business needs
Local business leaders have complained for years about challenges in hiring because Orange County housing is so expensive.
And these same executives are now pushing to get people back into offices. This quest would get a boost if more employees had shorter commutes.
So Irvine Co. sees apartments as another way to serve local corporations. Housing could be as critical as cubicles, meeting rooms, or factory and storage spaces.
“Our Class-A office campuses continue to attract top employers. Creating homes near these jobs is important to retaining Irvine’s top talent locally and preserving the city’s economic strength,” says Jeff Davis, an Irvine Co. senior vice president.
Look at Irvine Co.’s recent decision to…
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