IRVINE, CA-”The waiting game” was a common theme reverberating throughout yesterday’s third annual RealShare Orange County conference, held at the Hyatt Regency Irvine. With roughly five million sf of office product set to hit the market over the next 24 months, developers and tenants alike are waiting to see who will blink first.

And with good reason–Orange County’s been here before. The early 90s saw many deep pockets emptied as supply outpaced demand. A shared mindset said “never again.” John Parker, chairman of Parker Properties, said it can be difficult to avoid a dip once the machinery gets going. “After the last cycle, lenders said they would not let this happen again, but they’re pushing money at us,” he noted.

Insiders debated whether history is set to repeat itself, asking if the market is gearing for a precipitous fall. The general consensus favored cautious optimism, echoing the familiar refrain “no, but… .”

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