Top Office Buildings, Lowest Vacancy Rates

Aside from their look-alike architecture, Orange County’s 10 largest commercial office buildings have in common a vacancy rate that is significantly lower than the countywide average of 20.3%

Together, the buildings hold 3.55 million square feet--roughly equal to 2,400 three-bedroom houses--with a vacancy rate of 16.2%.

And one major commercial broker is expecting overall vacancy rates to decline further as more-cautious lenders tighten the flow of funds available to builders. This would allow demand to catch up with the building boom of the past five years, when the majority of the “Big Ten” listed here were built.

However, aerospace layoffs and slumping home construction could dampen growth and inhibit demand for office space.

1. CENTER TOWER, Costa Mesa

Built: 1985

Cost when built: $51,653,252

Owner: Center Tower Associates

Floors: 21

Existing space: 464,000 square feet.

Available: 34,500 square feet

Vacancy rate: 7.4%

2. CITY TOWER, Orange

Built: 1988

Cost when built: $65,062,741

Owner: Metropolitan Tishman

Floors: 20

Existing space: 410,000 square feet

Available: 131,127 square feet

Vacancy rate: 32.0%

3. JAMBOREE CENTER PHASE II, Irvine

Built: 1989

Cost when built: $52,534,705

Owner: Irvine Co.

Floors: 19

Existing space: 386,968 square feet

Available: 77,393 square feet

Vacancy rate: 20.0%

4. BANK OF AMERICA TOWER, Orange

Built: 1973

Cost when built: $13,021,657

Owner: Metropolitan Life

Floors: 18

Existing space: 372,958 square feet

Available: 75,227 square feet

Vacancy rate: 20.2%

5. 4000 MacARTHUR, Newport Beach

Built: 1980

Cost when built: $26,487,366

Owner: Koll Center Newport

Floors: 10

Existing space: 354,263 square feet

Available: 105,066 square feet

Vacancy rate: 29.7%

6. TISHMAN EXECUTIVE TOWERS, Orange

Built: 1987

Cost when built: $59,067,070

Owner: Tishman-Executive Life

Floors: 16

Existing space: 351,050 square feet

Available: 37,167 square feet

Vacancy rate: 10.6%

7. IMPERIAL BANK, Costa Mesa

Built: 1981

Cost when built: $27,945,876

Owner: One Town Center Drive Associates

Floors: 17

Existing space: 315,216 square feet

Available: 10,000 square feet

Vacancy rate: 3.2%

8. 2600 MICHELSON, Irvine

Built: 1986

Cost when built: $50,965,538

Owner: Michelson Co.

Floors: 16

Existing space: 308,325 square feet

Available: 47,350 square feet

Vacancy rate: 15.4%

9. XEROX CENTER, Santa Ana

Built: 1988

Cost when built: $50,269,327

Owner: Birtcher Xerox Partners Floors: 15

Existing space: 305,229 square feet

Available: 31,932 square feet

Vacancy rate: 10.5%

10. CENTRAL BANK, Costa Mesa

Built: 1981

Cost when built: $90,357,267

Owner: Two Town Center Associates

Floors: 15

Existing space: 286,000 square feet

Available: 26,411 square feet

Vacancy rate: 9.2%

Source: First American Title Insurance Co., Grubb & Ellis Orange County Research Group and county assessor’s office