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Mortgage Biz Grows (Again) in OC

WASHINGTON DC 08.16.2017


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Austin Flajser -- Carr Hospitality/Carr City Centers
Bob Cohen -- Perseus Realty
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Mortgage Biz Grows (Again) in OC
The mortgage industry’s woes have been the Orange County office market’s woes for some time, but lately there’s a pulse (aka, leases).Proof of life: CashCall recently inked a deal to occupy 125k SF in City Plaza, 1 City Boulevard West, in Orange.
Mortgage Biz Grows (Again) in OC
Is it a sign of a more lasting trend? Orion Property Partners prez Jay Carnaharn, who repped CashCall in the deal, tells us that mortgage finance firms such CashCall (which now occupies about 300k SF in central OC), Greenlight (which occupied 60k SF this year) and others have grown significantly as interest rates have fallen. What happens if interest rates go up (besides the Earth shifting to a different axis)? The firms might have to restructure, Jay notes. But they also might shift to other consumer finance products because if interest rates go up, that probably means the economy is getting stronger, people are gaining confidence, and they could start buying more new homes. Companies would be more willing to hire and there would be more overall growth. Either way, Jay posits, the mortgage industry in Orange County will remain a strong indicator of the strength of the local economy.