NEWPORT BEACH, CA—More open blocks of land that were finally being developed in a less-dense environment is one reason why Orange County's office development eclipsed that of Los Angeles in 2017, CBRE first VP Garrett Ellis and senior associate Carter Haslam tell GlobeSt.com.
According to a recent report from the firm, last year 2.5 million square feet of new office product were added in Orange County, of which more than half were pre-leased at time of completion; this was a greater amount of office development added than the 2.4 million square feet Los Angeles County saw completed last year, despite the fact that L.A. is considerably larger than Orange County. This new high-quality space helped push asking lease rates above prior peak levels, even as vacancy rates increased slightly.
We spoke with Ellis and Haslam about the drivers for this development in Orange County and whether it's expected to continue.
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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.
