The OC office market is making a comeback, and it has something the 2000s expansion didn’t—more diversity. (Our closet is filled with bad decisions we made in the mid-2000s.)
Lee & Associates Newport Beach prez Steve Jehorek tells us, in 2000, the market put a lot of its demand eggs in one basket (the mortgage biz), and that basket had an anvil dropped on it in 2008. He says the health of this market is more than just an upswing in the economy: “Buyers today are using less leverage, and tenants, in many cases, have been shoring up their balance sheets and are more attractive to landlords.” Lee & Associates recently did a deal for itself by relocating to 100 Bayview Cir in Newport Beach, expanding its space by 30% to accommodate growth.
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