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Q&A: CBRE’s Kurt Strasmann Summarizes Orange County Market

Connect Orange County is just around the corner. In case you didn’t know, it is just about the biggest CRE gathering in SoCal. You can still register and get the Early Bird Rate on this link: Connect Orange County.

As we gear up to meet at Trammell Crow Company’s newest office development, The Boardwalk in Irvine on Sept. 25th, Connect Media asked one of the key speakers slated to participate in the conference to share insights about the market. Check out CBRE’s Kurt Strasmann’s synopsis of Orange County in our latest Q&A.

Q: What are the top Orange County market trends you are tracking as we head into the end of the year?

  • A: Office: Labor/wage inflation, Co-working space, absorption of reposition assets/new developments and lease rate appreciation.
  • A: Industrial: lease/sale pricing, new developments, last mile ecommerce; institutional investors/capital, labor.

Q: What are you seeing in terms of tenant demand in the market? 

  • A: Industrial: exceptionally strong in multiple sectors;
  • A: Office: still very busy, technology driving lots of demand; co-working operators taking on lots of space, progressive office projects – Boardwalk project.

Q: What is investor demand like now for Orange County assets? 

  • A: Super-strong in most all sectors, access to capital is abundant. Both institutional and private.

Q: What do you see ahead for the balance of 2018? 

A: 2018 will close out strong. Lease rates continue to escalate and sale prices are increasing. The economy remains consistent, strong and diverse. Labor is an issue with Orange County’s 2.6% unemployment, it makes it challenging to grow when it’s difficult to hire people. The result is wage inflation.

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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.