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Office Market Remains Strong 3Q

The third quarter 2017 commercial real estate office market reports for Orange County reveal the market remains strong, as prices continued to increase, vacancy remained stable, and the amount of available space in the market increased.

Kidder Mathews expects the ongoing trend of positive absorption in the market to continue, along with consistent increases in occupancy costs. With larger office buildings on the way, a bump in inventory may apply some upward pressure on vacancy in the short run. Nonetheless, strong demand and consistent employment growth are expected to continue pushing growth.

CBRE reports vacancy rates increased due to added inventory, but the new space has helped push asking lease rates above prior peak levels. Lease rate growth has been exceptionally strong over the last year, especially among mid-rise buildings.

NKF notes Irvine Spectrum is becoming the metro’s center of gravity. Rental rates in the Irvine Spectrum are at an all-time high and are among the priciest in the market; its average asking rental rate was up 26.7% from this time last year, and was 9.2% above last cycle’s high in 2008. Rising rents have not dampened absorption gains: While the Spectrum contains only 10.7% of Orange County’s CRE office stock, it has become the largest absorption-contributor, with 43.2% of the greater market’s gains.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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