Office Gains Momentum
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|JLL’s Jeff Ingham, with JLL’s Curtis Ellmore and Andy White (they were winners of the JLL Orange County Office Team Day "2nd Annual OC Lawn Olympics"), tells us that he doesn’t expect the recent drop in OC employment—5,200 jobs lost in August, according to the BLS—to be the harbinger of a weaker local labor market. “Employment remains positive over the year by 29,000 jobs, and Orange County maintains one of the lowest unemployment rates in the state at 7.7%,” he notes. He’s seeing significant tenant activity in the mortgage industry, healthcare and healthcare-related firms and the medical device industry. For Q3 '12, Jeff expects that vacancy rates will continue to inch down for both Class-A and Class-B office space within in all of OC’s submarkets.|