ALISO VIEJO, CA-Stream Realty has seen a recent bevy of leasing and management activity throughout both the Orange County and Los Angeles office and retail markets. The activity includes new leases for such tenants as Starbucks Coffee Co., Sun West Mortgage Co, Hosting.com and PSI Services. GlobeSt.com sat down with Stream's co-managing partner Blaine Annett to talk about why this increase of activity is occurring and what lies ahead for CRE throughout O.C. and L.A.
GlobeSt.com: What do you feel is driving the increase of activity in these markets?
Blaine Annett: Although there is still some uncertainty for everyone at a macroeconomic level, the picture is clearer moving forward today for companies than it has been in a long time. Companies are getting off the sidelines and starting to make decisions again now that they have a better idea of what the future business climate will look like. Here in Orange County, industries such as mortgage and financial services, technology and healthcare companies have been recent drivers for new office space and expansions. With the recent rebound in residential housing, we are beginning to see homebuilders hire and expand again as well.
GlobeSt.com: What do you see happening in 2013?
B.A.: More of the same from 2012, which is a slow recovery off the bottom. There are plenty of opportunities for tenants to upgrade their image, and the “flight to quality” trend is still an option for tenants to take advantage of given where current rental rates stand. The landlords that can offer space that is not just commodity office space will be able to outperform the market on getting their vacancies leased in a timely manner, as well as achieving a higher rental rate.
GlobeSt.com: What's the next big project for Stream Realty?
B.A.: We are looking for acquisition opportunities in Orange County and Los Angeles that we can partner with our customers on. We have identified several interesting assets that we are very much focused on and very hopeful that we will execute on several of them in 2013. Stream Realty is a full-service commercial real estate company, and we will continue to expand our service lines and presence throughout Southern California.
GlobeSt.com: Where are you looking for projects/opportunities?
B.A.: We are looking for value-add acquisition opportunities on the office, industrial and retail fronts. We are also looking for ways to hire the top talent in the industry that can take advantage of the unique platform Stream Realty has to offer. These two really go hand-in-hand and are areas we are constantly evaluating as we grow throughout Southern California.
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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.
