Irvine-based Premier Workspaces has signed a 10-year lease for 20,131 square feet at Irvine Towers, 18200 Von Karman Ave., Suite 300, near John Wayne Airport. The company announced the lease on Oct. 30, the Orange County Business Journal reported on Nov. 2. The new center will have more than 80 furnished private offices, along with meeting rooms, a day office and virtual office plans. It is scheduled to open in winter 2027, with pre-leasing available before then.

Irvine Towers is an Irvine Company property, a five-building Class A campus in the Airport Area. According to Premier, the campus has an on-site fitness center, an outdoor event space called The Commons, several places to eat, a complimentary airport shuttle and 21 EV charging stations.

"At more than 20,000 square feet, Irvine Towers gives us the opportunity to create a substantial new location in a market where we have operated successfully for many years," said Michael Pollack, Premier's executive vice president of real estate. Premier President Amy Fuller said businesses "continue to look for office solutions that give them flexibility without sacrificing the quality of the workplace experience."

The lease brings Premier to 23 locations in Orange County and nearly 90 nationwide. Earlier this year, the company opened a 23,800-square-foot center at Lincoln Property Co.'s Redstone campus in Newport Beach, in space formerly occupied by WeWork, the Business Journal reported.

The landlord has been leaning into flexible space as well. In August, Irvine Company said its Orange County office portfolio was 90% occupied. Its own flexible office program, Flex+, accounted for 1.35 million square feet of leasing in Orange County over the 12 months ending June 30, or 27% of all office activity, the Business Journal reported.

For our members, a smaller brokerage, lender or property management team can now get a polished Irvine address without signing a long lease of its own. Owners should also take note when a flex operator is willing to commit for 10 years.

Sources: Orange County Business Journal (Nov. 2, 2026) https://www.ocbj.com/real-estate/premier-workspaces-signs-20000-square-foot-irvine-lease/, Premier Workspaces press release (Oct. 30, 2026) https://premierworkspaces.com/press-releases/premier-workspaces-expands-irvine-presence-with-new-flexible-office-location-at-irvine-towers/ and Orange County Business Journal (Aug. 18, 2026) https://www.ocbj.com/newsletter-feed/irvine-company-reports-strong-orange-county-office-leasing/

The U.S. Treasury has certified California's nomination of 620 census tracts for the renewed program, known as OZ 2.0, according to the California Department of Finance and the Governor's Office of Business and Economic Development (GO-Biz). The tracts are home to an estimated 2.6 million people in 55 counties. They become opportunity zones on Jan. 1, 2027, and stay designated for 10 years. The current zones remain in effect through Dec. 31, 2028, so the old and new maps will overlap for two years.

Southern California has a big share. By our count of the state's list of designated tracts, Los Angeles County has 201 of the 620, followed by San Diego County with 41, San Bernardino with 34, Riverside with 28, Orange with 13 and Ventura with 10. Bisnow reported on Nov. 2 that the L.A. County tracts include parts of Palmdale and Lancaster, the Van Nuys and Panorama City areas, a concentration on both sides of the 110 Freeway through South Los Angeles, and a handful in San Pedro and Long Beach.

The federal tax law signed July 4, 2025 made the program permanent, with new maps every 10 years and stricter eligibility. The state could nominate up to 25% of its 2,479 eligible tracts. It scored them on poverty, income, rent burden, crowding and unemployment, then weighed local recommendations and 3,754 public comments.

The rules change too, for investments made on or after Jan. 1, 2027. Investors get a five-year deferral on capital gains from the date they invest in an OZ fund, and at the end of those five years 10% of the original gain is excluded, Bisnow reported. GO-Biz says funds that invest only in rural areas get a 30% step-up instead, and that gains on the OZ investment itself can still be excluded after a 10-year hold. One change is already in place: since July 4, 2025, the "substantial improvement" requirement in rural zones has been 50% of the purchase price instead of 100%.

Developers are hopeful but realistic. "I do think this program is going to help jump-start a number of projects that have been stalled, where [developers] already have some sunk cost," Grubb Properties CEO Clay Grubb told Bisnow. He said building in L.A. now costs probably more than $700,000 a unit, including land and permits, for an apartment worth less than $400,000 when finished. Paul Daneshrad, CEO of StarPoint Properties and a PREN Community Leader, has built four OZ projects, three apartments and one industrial. "In a lot of these opportunity zone locations where the rents may not be as high, it's going to be very challenging to get a multifamily project," he said, adding, "Right now, it's also cheaper to build industrial than it is multifamily."

For our members, if you own, list or are underwriting property in these neighborhoods, look up the address on the state's map now and talk with your tax advisor before January. The early winners will likely be projects that are already entitled or partly funded.

Sources: California Department of Finance, California Opportunity Zones (accessed Nov. 4, 2026) https://dof.ca.gov/forecasting/demographics/california-opportunity-zones/ and its OZ 2.0 designated tract list https://dof.ca.gov/media/docs/forecasting/Demographics/california-opportunity-zones/OZ2_tracts_GO.xlsx, GO-Biz, Opportunity Zones in California and OZ 2.0 FAQ (accessed Nov. 4, 2026) https://business.ca.gov/resources/infrastructure-development/opportunity-zones-in-california/ and Bisnow (Nov. 2, 2026) https://www.bisnow.com/news/los-angeles/commercial-real-estate/new-opportunity-zones-may-help-california-finish-projects-not-start-them

Barings has bought Village Center at Rose, a fully leased, 118,876-square-foot shopping center at 600-858 N. Rose Drive in Placentia, from First Washington Realty for $66.2 million. Barings announced the deal on Oct. 26. That works out to about $557 per square foot. Jimmy Slusher, Mark Damiani, James Tyrrell and Shaya McClanahan of CBRE represented the seller.

Ralphs has anchored the center since it was built in 1996 and occupies about 37% of its leasable space, Connect CRE reported. According to Barings, 80% of the tenants have been there for more than 10 years. Others include Chase Bank, The UPS Store, Jersey Mike's Subs and Carbon Health. The property sits on about 10.15 acres at the northeast corner of North Rose Drive and Alta Vista Street.

"The property's established tenant base, strong occupancy and location in a supply-constrained market align well with our investment approach," said Kevin Miller, Barings' head of U.S. real estate acquisitions. Damiani pointed to the trade area: more than 147,000 people live within three miles, and "nearby new housing continues to add to the demand that Ralphs and the surrounding tenants serve." CBRE puts the five-mile population at more than 372,700, with an average household income of about $154,800, according to Commercial Observer.

It isn't the only big grocery-anchored bet this fall. On Nov. 2, JLL announced that Nuveen Real Estate bought a 13-property, 1.89-million-square-foot open-air retail portfolio in California, Colorado and Washington for $445.5 million. The centers are mostly grocery-anchored and 93.5% leased, and U.S. Bank financed 11 of the 13 properties for a total of $239 million. The Registry reports that Simi Valley's Santa Susana Plaza is the only Southern California property in the group.

For our members, well-leased grocery-anchored centers in established SoCal neighborhoods are still drawing serious institutional capital, which is useful context for anyone pricing, buying or marketing a neighborhood center right now.

Sources: Barings (Oct. 26, 2026) https://www.barings.com/guest/contact/media/news/barings-acquires-village-center-at-rose-in-orange-county-california, Commercial Observer (Oct. 26, 2026) https://commercialobserver.com/2026/10/barings-first-washington-ralphs-retail-california/, Connect CRE (Oct. 26, 2026) https://www.connectcre.com/stories/barings-acquires-ralphs-anchored-center-from-first-washington/, JLL (Nov. 2, 2026) https://www.jll.com/en-us/newsroom/jll-advises-nuveen-on-acquisition-of-western-retail-portfolio and The Registry (Nov. 3, 2026) https://theregistrysocal.com/nuveen-real-estate-acquires-simi-valleys-santa-susana-plaza-in-445-5mm-1890000-sqft-western-retail-portfolio/

The median asking rent in L.A. County was $2,554 in the third quarter, down $96, or 3.6%, from a year earlier, according to Realtor.com's Q3 Los Angeles rental report, released Oct. 29. That is $340, or 11.7%, below the summer 2022 peak. The report covers everything listed for rent on Realtor.com in the county, including apartments, condos, townhomes and single-family homes.

Smaller units are falling the fastest. Rents for zero- to two-bedroom units dropped 3.8% to $2,239, while three-bedroom-plus units slipped 1.9% to $3,571. Realtor.com credits the wave of new multifamily construction since 2022, and says the ADUs now finishing construction, usually six to 18 months after permit, may be adding extra pressure on the small-unit end. In the City of Los Angeles, the median asking rent was $2,708, down 3.3% from a year ago but still 5.5% above pre-pandemic levels.

Buying is still far more expensive than renting. Realtor.com estimates the monthly cost of buying a median-priced home in the county at $7,270, assuming 10% down and including HOA fees, taxes and insurance. That is $4,716 more than the median rent, or nearly 185% higher. The county's median listing price fell 3.2% to $970,000 over the year, which more than offset a small rise in the quarter's average 30-year rate, from 6.57% to 6.68%. Rates moved above 7% in late September, though, and at 7% the same home would cost about $7,456 a month, roughly where it stood a year ago.

The renter pool is also mostly local. In the third quarter, 61.3% of online traffic to L.A. County rental listings came from inside the county, 15.5% from elsewhere in California, 19.8% from out of state and 3.4% from abroad.

For our members, owners of smaller units should expect more competition on price, while the wide gap between renting and buying is likely to keep many households renting for now.

Sources: Realtor.com Economic Research, Los Angeles Rental Report 2026Q3 (Oct. 29, 2026) https://www.realtor.com/research/la-q3-2026-rent/ and Realtor.com press release via PR Newswire (Oct. 29, 2026) https://www.prnewswire.com/news-releases/los-angeles-renters-catch-a-break-as-new-supply-pushes-rents-lower-buying-still-costs-nearly-5-000-more-a-month-302922758.html

The Los Angeles City Council has approved Onni Group's revised plans for two residential towers at 2143 E. Violet St. in the Arts District, near the L.A. River, Urbanize LA reported on Oct. 29. City records show the council adopted the zone change on Oct. 27 by a 13-0 vote and sent it to the mayor on Oct. 29. The mayor has until Nov. 9 to act.

The project calls for 30- and 20-story towers, about 344 and 226 feet tall, with a combined 474 one-, two- and three-bedroom units over just over 2,000 square feet of ground-floor commercial space and underground parking. The city's committee report, which describes the homes as live/work units, puts 324 units in the taller building and 150 in the shorter one, on a 2.2-acre site. Seventy-seven units would be set aside for very low- and extremely low-income households, a requirement tied to the zone change under Measure JJJ. Five existing buildings on the north side of the property, with office, restaurant, warehouse and live/work space, would stay. SCB is the architect.

The site already had approvals for a housing and office complex. Urbanize reported in May that Onni filed revised plans last year and dropped the office space because of weaker demand. The Vancouver-based developer has made similar moves elsewhere in the region, including a proposed two-tower project on the Miracle Mile, and it recently completed a residential tower at Olympic Boulevard and Hill Street in Downtown.

Keep in mind that an approval is not a groundbreaking. Neither Urbanize nor the city records give a construction start date.

For our members, the city is still willing to rezone for large housing projects that include affordable units, and right now the office component is usually the first thing developers cut.

Sources: Urbanize LA (Oct. 29, 2026) https://la.urbanize.city/post/la-city-council-approves-arts-district-towers-2143-e-violet-st, Los Angeles City Council File 21-0784-S1 (council action Oct. 27, 2026) https://lms.lacity.gov/files/21-0784-S1, PLUM Committee report (Oct. 13, 2026) https://cityclerk.lacity.org/onlinedocs/2021/21-0784-S1_rpt_PLUM_10-13-26.pdf and Urbanize LA (May 26, 2026) https://la.urbanize.city/post/renderings-revealed-arts-district-towers-2143-e-violet-street

Terra Universal, an industrial machinery and cleanroom manufacturer, bought a newly built 136,218-square-foot industrial building at 1500 S. Raymond Ave. in Fullerton from Rexford Industrial for $50,224,160, Connect CRE reported on Oct. 30. That works out to roughly $369 per square foot. Rexford had recently completed the building and sold it vacant. The property sits less than a mile from Terra Universal's headquarters, which The Real Deal reported is at 800 S. Raymond Ave.

Until now, Terra Universal has operated out of two separate leased facilities totaling more than 180,000 square feet, which created operational inefficiencies and higher long-term occupancy costs, according to Connect CRE. Cushman & Wakefield handled both sides of the deal: Kevin Turner and Jiselle Roberson represented the buyer, and Randy Ellison, Brett Lockwood, Kyle McGillen and Andrew Ryan represented Rexford.

"By leveraging insights from the seller's public investor communications, our team was able to identify a unique acquisition opportunity that directly supported our client's operational and financial objectives," Turner said.

That detail is worth noticing. Rexford, based in West Los Angeles, has been actively selling properties this year. In its third-quarter results released Oct. 22, the company said it sold 25 properties for $1.3 billion during the quarter, including a $1.2 billion, 22-property portfolio and three sales to owner-users totaling $86 million. The Raymond Avenue building is named among those owner-user sales, so the deal itself closed in the third quarter even though it was only reported this week. Rexford also set its full-year 2026 disposition guidance at $1.7 billion to $2.0 billion, up from $1.5 billion to $2.0 billion last quarter.

For our members, a public REIT that is busy selling can be a real opening for owner-users, and reading its investor reports is a smart way to spot the next building before it hits the market.

Sources: Connect CRE (Oct. 30, 2026) https://www.connectcre.com/stories/rexford-trades-newly-developed-fullerton-industrial-to-owner-user/, The Real Deal via L.A. Business First, as excerpted at https://theirvinerealtors.com/rexford-sells-more-oc-industrial-with-50m-deal-in-fullerton/ (Oct. 30, 2026), and Rexford Industrial third-quarter 2026 results via PR Newswire (Oct. 22, 2026) https://www.prnewswire.com/news-releases/rexford-industrial-announces-third-quarter-2026-financial-results-302917398.html

Nineteen percent of California households could afford the $894,630 median-priced single-family home in the third quarter, the same as last quarter and a year ago. A buyer needed a minimum income of $228,000 to cover a $5,700 monthly payment, including taxes and insurance, with the effective 30-year rate at 6.80%. C.A.R. said lower prices offset higher rates: the state median fell 2.3% from the second quarter, though it was still 0.7% above a year earlier. Condos and townhomes did a little better, with 31% of households able to afford the $640,000 median.

Here in Southern California, the gap between the coast and the Inland Empire is wide. In Orange County, 15% of households could afford the $1.47 million median, and the minimum qualifying income was $374,400. Los Angeles County was also at 15%, down from 17% last quarter, with a $958,450 median and a $244,000 income requirement. San Diego County came in at 16% ($1.075 million median) and Ventura at 19% ($940,000). Inland, the share rose to 27% in Riverside County ($632,990) and 33% in San Bernardino County ($514,390).

Those prices line up with NAR's quarterly metro report, released Oct. 29. NAR put the Anaheim-Santa Ana-Irvine median at $1.47 million, up 5.0% from a year earlier, San Diego at $1.075 million, up 6.5%, and Los Angeles at $958,500, up 0.5%. C.A.R. also noted that California's monthly payment is more than twice the national average of $2,760.

For our members, the Inland Empire is still where the numbers work for most buyers, while the coastal counties remain a market for high earners, and that matters whether you are advising a first-time buyer or pricing a rental.

Sources: California Association of Realtors, Q3 2026 Housing Affordability Index press release via PR Newswire (Oct. 30, 2026) https://www.prnewswire.com/news-releases/california-housing-affordability-holds-steady-in-third-quarter-2026-as-lower-home-prices-offset-higher-mortgage-rates-car-reports-302925012.html and National Association of Realtors, Q3 2026 metro home prices (Oct. 29, 2026) https://www.nar.realtor/newsroom/home-prices-rise-78-percent-metro-areas-q3-2026

Strategic Hotels & Resorts sold The Ritz-Carlton, Laguna Niguel in Dana Point to KSL Capital Partners this month, the Orange County Business Journal reported on Oct. 28, citing CoStar records. Hoodline reported that the deal closed on Oct. 23. The price was not disclosed, and KSL declined to comment, according to Hoodline. Peregrine Hospitality will operate the resort going forward.

The sale comes about a year after the hotel finished a $50 million renovation paid for by Strategic. The yearlong project redesigned every room and suite and cut the room count from 396 to 373, the Business Journal reported. The biggest change was 10 new two-bedroom suites, each with a dining room, kitchenette and living room. General Manager Kelly Steward told the Business Journal the team had noticed many families were booking two rooms or connecting rooms. The spa was also expanded to 15,000 square feet. With 373 rooms, the Ritz-Carlton now ranks as the 28th largest hotel in Orange County.

For a sense of value, Hoodline, citing CoStar, reported that a 2026 assessment put the property's land and improvements at $447.6 million. That is an assessed value, not the sale price.

KSL, which is based in Denver, knows this stretch of coast well. Hoodline noted that the firm bought what is now Monarch Beach Resort, also in Dana Point, in 2014 and sold it in 2019.

For our members, this is a good example of a familiar hotel playbook: the owner reinvests, refreshes the product, and then sells, and trophy resorts on the Orange County coast are still drawing serious buyers even when the terms stay private.

Sources: Orange County Business Journal (Oct. 28, 2026) https://www.ocbj.com/tourism/hotels/the-ritz-carlton-sold-to-ksl-capital-partners/, Hoodline (Oct. 28, 2026) https://hoodline.com/2026/10/ksl-capital-buys-freshly-renovated-ritz-carlton-laguna-niguel-in-dana-point/ and Orange County Business Journal (Nov. 24, 2025) https://www.ocbj.com/oc-homepage/ritz-carlton-completes-50m-renovation/

On Oct. 28, the Federal Reserve held its benchmark rate at 3.75% to 4% in a 10-2 vote, with both dissenters preferring a quarter-point increase. "Inflation remains elevated," the Fed said in its statement. Commercial Observer noted the hold came six weeks after the Fed's first hike since 2023, and after September consumer prices rose 3.7% from a year earlier.

A day later, Freddie Mac reported that the 30-year fixed mortgage averaged 7.24% as of Oct. 29, down from 7.32% last week and the lowest level this month. The 15-year fixed averaged 6.60%, down from 6.68%. A year ago, the 30-year was at 6.17%. Realtor.com tied the decline to the 10-year Treasury yield, which it said averaged roughly 5.02% earlier this week, down from 5.13% the week before. It also said the odds of another Fed hike in December climbed to nearly 80% after the meeting, according to CME FedWatch.

For a sense of scale, on an $800,000 30-year loan, the move from 7.32% to 7.24% saves roughly $43 a month in principal and interest. Compared with a year ago, that same loan costs about $568 more per month.

On the commercial side, Commercial Observer reported that uncertainty over where rates go next has slowed investment sales. "We're late enough in the year and conditions are uncertain enough that most people just put their pencils down," said Ian Ross of SomeraRoad. Jay Neveloff of HSF Kramer said the private lenders he works with are still active and are focused more on underwriting than on small rate changes.

For our members, the dip is welcome, but with a December hike on the table, it is smarter to underwrite deals at today's rates than to count on cuts.

Sources: Federal Reserve FOMC statement (Oct. 28, 2026) https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm , Freddie Mac PMMS (Oct. 29, 2026) https://www.freddiemac.com/pmms and press release via GlobeNewswire (Oct. 29, 2026) https://www.globenewswire.com/news-release/2026/10/29/3391637/0/en/mortgage-rates-decline-further-to-7-24.html , Realtor.com (Oct. 29, 2026) https://www.realtor.com/news/trends/mortgage-rates-this-week-october-29-2026/ and Commercial Observer (Oct. 28, 2026) https://commercialobserver.com/2026/10/fed-interest-rate-pause-kevin-warsh/

KKR and Alexandria Real Estate Equities announced on Oct. 28 a $475 million joint venture investment in Campus Point by Alexandria, a nearly 2 million-square-foot life science campus in the University Town Center submarket. Accounts advised by KKR acquired a 49% noncontrolling stake in Alexandria's Campus Point investment entity, which works out to about 28.5% indirect ownership of the underlying joint venture. Alexandria keeps control and will continue to run operations and development.

The campus sits next to UC San Diego, the Salk Institute and Scripps Research. Tenants include Novartis, Bristol Myers Squibb, Eli Lilly, Leidos and UC San Diego, and according to the companies, long-term leases with corporate and institutional tenants make up about 98% of its rental revenue.

"This transaction marks an important step in our efforts to optimize our capital structure and unlock value across our portfolio," said Peter Moglia, Alexandria's CEO and CIO. On the company's earnings call, CFO Marc Binda said the venture is expected to pay KKR distributions equal to at least 5.5% of its $475 million contribution in year one and beyond, Commercial Observer reported.

The timing says a lot about the sector. Bisnow reported that Alexandria has been selling assets and stakes to help fund its pipeline while the life science market stays oversupplied, and that the company expects about 1.4 million square feet of lease expirations in early 2027.

For our members, big institutional money is still paying up for well-leased, top-tier campuses, even while the rest of the lab market works through too much space.

Sources: KKR / Alexandria Real Estate Equities press release via Business Wire (Oct. 28, 2026) https://www.businesswire.com/news/home/20261028043803/en/ , Commercial Observer (Oct. 28, 2026) https://commercialobserver.com/2026/10/kkr-jv-alexandria-campus-point-by-alexandria-megacampus/ , Connect CRE (Oct. 28, 2026) https://www.connectcre.com/stories/kkr-takes-49-stake-in-alexandrias-campus-point-megacampus/ and Bisnow (Oct. 27, 2026) https://www.bisnow.com/news/national/life-sciences/alexandria-s-underwhelming-q3-sees-reit-selling-megacampuses-amid-industry-struggles