Successful Repositioning is Driving OC Office Sales

Smith: “As the Orange County office market continues to diversify its tenant base, including a significant tech presence beginning to take hold, more investors are becoming interested in allocating capital here.”

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.