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Ingham: “Yes, they’re reducing their footprints, but not as much as people think.”IRVINE, CA—Despite Orange County office deliveries expected to reach close to 600,000 square feet in 2016 and 2.2 million square feet in 2017, completions won’t all come at once, helping absorption to catch up, JLL’s senior managing director Jeff Ingham tells GlobeSt.com. The firm’s Q4 office report revealed that despite the market recording a slightly negative net absorption during the quarter of -114,776 square feet, 2015 was the fifth consecutive year that experienced annual positive net absorption. Also, total office vacancy has reached 11.8%, the lowest since 2007. We spoke exclusively with Ingham about the relationship between office vacancy, the expected deliveries in the near future and absorption in the market.
GlobeSt.com: What is the relationship between Orange County having the lowest office vacancy rate since 2007 and the ramping up of deliveries between now and the end of next year? How will all these deliveries affect vacancy?
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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.
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Those thoughts are according to Chris Breeden, director of property management at Seven Oaks Co. in Atlanta, who recently talked with GlobeSt.com about some of the holes landlords may have created through the rise of property management technology.
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