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Which Employment Sectors Hold the Most Promise for OC?

Healthcare, life sciences, tech and business services are well-positioned for further growth in Orange County as employment diversification continues to drive office vacancy lower, JLL's Jared Dienstag tells GlobeSt.com.

By Carrie Rossenfeld | Updated on November 01, 2017

Jared Dienstag Dienstag: “Tech subsectors, edtech and marketing tech could see continued growth if the economy remains on its current path.”

IRVINE, CA—Healthcare, life sciences, tech and business services are well-positioned for further growth in Orange County as employment diversification continues to drive office vacancy lower, JLL research manager Jared Dienstag tells GlobeSt.com. According to a recent report from the firm, since the Great Recession, Orange County’s economy has significantly diversified, which has led to lower vacancy rates and higher rents as companies from multiple industries absorbed space.

The report states that monthly average asking rents have reached $2.78 full service gross, per square foot, passing the previous 2007 peak of $2.74. Also, job sectors—with the exception of financial activities—have seen their employment numbers rise. Leading up to the recession, financial activities (primarily the mortgage industry) was responsible for much of the job growth and office occupancy at that time. This dependency left Orange County vulnerable to the recession.

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