GlobeSt.com: How can office owners distinguish themselves in the era of creative office?

Hurley: Today's office owners are distinguishing themselves through common-area amenities and expanded/upgraded outdoor areas. While some low-rise, creative/urban office space is emerging in the market, much of Orange County's office product comprises mid- and high-rise office product. Owners of these traditional buildings are actively working to capitalize on the increasing demand of the Millennial workforce. Two strategies being employed include creative build-outs, with a focus on common-area amenities as well as indoor-outdoor collaborative space, which can help to meet tenant demand and drive rents; and progressive traditional build-outs, which result in a hybrid of traditional and creative-office features. Each of these options provides the opportunity to attract today's office users, who continue to seek space that fosters collaboration and enhances recruitment and retention of its employees.

GlobeSt.com: What options exist for smaller companies and entrepreneurs in the market?

Hurley: Small companies and entrepreneurs have a variety of options in the Orange County market. Traditional executive-suite operators continue to thrive in the market, offering office space with flexible lease terms, which allows small companies a chance to grow easily without having to relocate multiple times. These incubator office spaces often offer creative common-area amenities. For example, TechSpace is positioned to attract technology startups by offering cutting-edge technology infrastructure throughout its premises. In addition, companies such as WeWork continue to emerge. Their spaces are designed to attract Millennials who are starting and/or growing their businesses by offering a shared and more-collaborative work environment. Smaller companies also have the option to lease more-traditional office space by seeking out landlords with rent-ready spec suites. Office owners can often lease these suites to tenants for shorter time periods, giving small companies time to expand as needed.

GlobeSt.com: What else should our readers know about the office market?

Hurley: All indicators point to continued strength in the Orange County market. Job growth remains strong, rents are stabilizing and demand remains healthy among our diverse user mix. Office owners and users should take note of office construction. Approximately 2.1 million square feet of new office product is underway, and will be delivered to the market in the next 12 to 18 months. As new product comes to market, owners of existing buildings will continue to seek out new strategies to compete. Even with this new inventory, the county's diverse and highly educated workforce should sustain strong demand, resulting in continued health throughout the office sector.

With developers leveraging development and redevelopment opportunities across all property types, how can you capitalize on this activity? Join us at RealShare Orange County on August 16^th for impactful information from the leaders in Orange County CRE. Learn more.

IRVINE, CA—Today's office owners are distinguishing themselves through common-area amenities and expanded/upgraded outdoor areas, Voit Real Estate Services' SVP Liz Hurley tells GlobeSt.com. Hurley, formerly with Transwestern, recently joined the firm. Given her specialty in tenant and landlord representation for office properties, we spoke exclusively with Hurley about the market shifts she forsees and how office owners can distinguish themselves from the competition.

GlobeSt.com: What market shifts do you foresee, and how will you approach these shifts in your new role?

Hurley: The Orange County office market is prospering, and I anticipate continued strength in the market. To leverage this momentum, I plan to continue to advise landlords and tenants to take advantage of the current health of the market, ultimately directing them in decisions that will benefit their companies for the long term.

With Voit, I will continue my brokerage responsibilities with a platform that is beneficial both to me and to the clients I serve. I plan to leverage Voit's collaborative culture to further serve my clients. By joining Voit, I've aligned myself with a group of deeply experienced office specialists, and our combined experience should result in an expanded footprint within the office sector.

GlobeSt.com: How can office owners distinguish themselves in the era of creative office?

Hurley: Today's office owners are distinguishing themselves through common-area amenities and expanded/upgraded outdoor areas. While some low-rise, creative/urban office space is emerging in the market, much of Orange County's office product comprises mid- and high-rise office product. Owners of these traditional buildings are actively working to capitalize on the increasing demand of the Millennial workforce. Two strategies being employed include creative build-outs, with a focus on common-area amenities as well as indoor-outdoor collaborative space, which can help to meet tenant demand and drive rents; and progressive traditional build-outs, which result in a hybrid of traditional and creative-office features. Each of these options provides the opportunity to attract today's office users, who continue to seek space that fosters collaboration and enhances recruitment and retention of its employees.

GlobeSt.com: What options exist for smaller companies and entrepreneurs in the market?

Hurley: Small companies and entrepreneurs have a variety of options in the Orange County market. Traditional executive-suite operators continue to thrive in the market, offering office space with flexible lease terms, which allows small companies a chance to grow easily without having to relocate multiple times. These incubator office spaces often offer creative common-area amenities. For example, TechSpace is positioned to attract technology startups by offering cutting-edge technology infrastructure throughout its premises. In addition, companies such as WeWork continue to emerge. Their spaces are designed to attract Millennials who are starting and/or growing their businesses by offering a shared and more-collaborative work environment. Smaller companies also have the option to lease more-traditional office space by seeking out landlords with rent-ready spec suites. Office owners can often lease these suites to tenants for shorter time periods, giving small companies time to expand as needed.

GlobeSt.com: What else should our readers know about the office market?

Hurley: All indicators point to continued strength in the Orange County market. Job growth remains strong, rents are stabilizing and demand remains healthy among our diverse user mix. Office owners and users should take note of office construction. Approximately 2.1 million square feet of new office product is underway, and will be delivered to the market in the next 12 to 18 months. As new product comes to market, owners of existing buildings will continue to seek out new strategies to compete. Even with this new inventory, the county's diverse and highly educated workforce should sustain strong demand, resulting in continued health throughout the office sector.

With developers leveraging development and redevelopment opportunities across all property types, how can you capitalize on this activity? Join us at RealShare Orange County on August 16^th for impactful information from the leaders in Orange County CRE. Learn more.