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Santa Ana Redhill Development <br /> <br /> <br /> <br /> <br />Prepared for: City of Santa Ana <br /> <br />AECOM <br />14 <br /> <br />Flex <br /> <br />Figure 6: Flexy Vacancy <br /> <br />Source: Costar, AECOM <br /> <br />Figure 7: Flex Rent <br /> <br />Source: Costar, AECOM <br /> <br />Flex properties are designed for versatility, combining professional office space with some combination of research <br />and development, industrial, warehouse and retail. Flex buildings are sometimes called Tech or Incubator space. <br />The versatility of this space has also resulted in vacancy rates that have experienced some volatility since 2000. The <br />vacancy rate for the 2-mile radius was higher (5.6%) than that of Orange County (3.6%) at the end of 2018, both of <br />which are much lower than their 2010 peaks above 10% and 9% respectively. <br />5.6% <br />3.6% <br />0.0% <br />2.0% <br />4.0% <br />6.0% <br />8.0% <br />10.0% <br />12.0% <br />2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 <br />Flex Vacancy <br />2-Mile Radius Orange County <br />$16.24 <br />$0.00 <br />$5.00 <br />$10.00 <br />$15.00 <br />$20.00 <br />$25.00 <br />2000 2002 2004 2006 2008 2010 2012 2014 2016 20182019 Inflation Adjusted DollarsFlex Rent (NNN/SF/Year <br />2-Mile Radius Orange County <br />3-241