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NEWPORT BEACH, CA—Orange County's incubation of medical-device companies, technology firms, biomedical research and other high-growth industries will continue to provide diversity the Orange County economy and stabilize the office sector, CBRE first VP Carol Trapani tells GlobeSt.com.
According to a recent report from the firm, the Orange County office market is a landlord's market due to the low availability rate. Strong employment growth in the market has continued to be the primary driver of improving fundamentals at this point in the cycle, but that growth has tapered somewhat recently since low unemployment rates made it difficult for employers to expand as rapidly as earlier in the cycle.
The report also revealed that aggressive pushing of lease rates has come to an end and will likely soften a bit further as new office product comes online in 2017. CBRE Econometric Advisors predicts 7% rent growth over the next four quarters, more or less in line with the recent pace of rent increases.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
