Office Market Smokin'
The OC office market is cooking, too. The county added nearly 27,000 jobs in Q2 alone, JLL reports, with the construction sector leading the way. Even more positive: OC saw 1.1M SF of office absorption during the second square, the highest amount since 2005 (one of those hard-to-remember pre-recession years). Rents are rising and investors have taken note. This week RREEF Property Trust inked a deal to buy the 73k SF Anaheim Hills Office Plaza in Anaheim for more than $18M. According to RREEF chairman/head of real estate Todd Henderson, the investor liked the property because it's one of the newest ones in north OC (finished '08), but also because RREEF will be able to grow NOI as the office market continues to grow.