Trapani: What is good for us is that there is a combination of things. In Orange County, our economy couldn't be any more diverse. We are seeing organic growth where companies are looking to expand into larger spaces, and we are seeing consolidations where offices are merging together. We are a very entrepreneurial environment here, and it is remarkable how we see these gazelle-type companies rise and start to increase their market share, and therefore expand their employees and need more office space. It is a nice combination of factors, and it feels really healthy.

GlobeSt.com: Rental growth is important, but it is only one metric. How is the Orange County market performing overall?

Trapani: We are still ranked from an investor perspective as one of the top markets for office. It is a highly sought-after market. There are also several investors that are seeking properties that are older and in need of a refresh. It isn't only stable, class-A, trophy properties that are seeing interest from capital. It is also projects that need a capital infusion or need to be repositioned that are garnering a lot of attention. We are even seeing that in the class-B suburban markets as well. There, you typically have smaller tenants and more local companies, and those are still sought-after from the investment arena.

GlobeSt.com: Looking ahead, where do you think that rental rates are headed?

Trapani: The cost of tenant improvements are increasing at a very rapid rate based on the lack of availability of subcontractors, and that is also because of some of the disasters that we have unfortunately had in the United States. The supply of building materials is being stretched. The new tariffs on steel and aluminum also have a contribution. Some of those factors might play into a more rapid increase in rental rates than market generated. It is an unknown in how that will impact rent growth, but it will have to.