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Economic Indicators Suggest Market Cool-off Not Coming Soon

ORANGE COUNTY, CA-Report predicts that increasing costs for commercial construction will not slow anytime soon.

By Joel Cone | Updated on October 12, 2000

ORANGE COUNTY, CA-Investors and developers looking for the county’s market for commercial-type property to cool off anytime soon should not be waiting around.

Figures recently released by the Real Estate Research Council of Southern California at California State Polytechnic University in Pomona indicate that construction costs and the level of non-residential permits authorized for the first half of the year have continued to rise year-to-year for several years now.

Measured in terms of estimated construction costs, the council’s second quarter 2000 Real Estate & Construction Report reveals that total building valuations for non-residential permits, consisting of office, retail, industrial and hotel/motel buildings, reached $2.15 billion. This is a slight increase from the almost $2.1 billion in valuations for the first half of 1999, but a steady incline from the $1.6 billion for the same period of 1998 and the $1.5 billion in 1997.

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