Office Is Fluorishing In Orange County
Orange County was recently named as one of the top markets nationwide where investors should consider buying office assets.
Aside from Orange County, the other top performing markets include Oakland, Portland and Palm Beach, according to Ten-X.
Orange County is enjoying a local economy that is robust and record employment numbers, Ten-X chief economist Peter Muoio said. In addition to jobs, more people are moving to the area, which is increasing the demand for office space.
The Costa Mesa skyline in Orange County
"Rents in the area are now the highest they have been since the recession, and with little new supply on the horizon, Orange County’s office market should continue to fare very well over the next few years," Muoio said.
Rents in the OC were $23.70/SF in Q3 of last year and are expected to be $25.54/SF in 2020, according to Ten-X. The county was among the most reasonable in the state in terms of office rents and cost of living in an earlier report from JLL.
To hear more about this year in Orange County, whether in office, multifamily or mixed-use, join us at our Orange County State of the Market event Feb. 28 at the Irvine Marriott.
