IRVINE, CA—As Orange County office properties have been redeveloped with desirable amenities and stabilized, owners have been taking advantage of a robust capital-markets environment to sell, JLL EVP G. Ryan Smith tells GlobeSt.com. According to a recent report from the firm, class-A office investment sales volume set a new market record, totaling $1.88 billion in 2017, passing the previous high of $1.78 billion in 2015.
The report also revealed that new developments have significantly boosted market average rents to $2.87 per square foot per month, and nearly 1 million square feet of office space is set to deliver in 2018.
We spoke with Smith about the drivers for increased office sales volume and who's buying office properties now.
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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.
