Creative Office Strong, Even With Race Toward Recession
As creative office continues to take off, Orange County, similarly to the rest of Southern California, must keep an eye on the overall economy.
Parker Properties managing member Russ Parker, Tribune Real Estate Holdings president Murray McQueen, JLL SVP George Thomson and Partners Capital VP of loan origination Bill Lanting talked of what may be down the pike for Orange County.
Bill, who moderated, said it seems we are racing toward a recession, especially in the multifamily sector.
He noted so much construction is occurring now, especially in LA County, and so many creative office developments that the question becomes, "Where does it all end?"
George said he feels "we're on a strong foundation of continual absorption," with the economy likely in its sixth inning.
Murray said his sense is we're "late in the game, but there is still plenty of runway."
When it comes to the economy, Russ said things were bad for about nine years, so he thinks things could turn in three to five more years, but "anything could happen."
He said there is good build-to-suit activity, which is a "great sign."
More than 300 industry professionals showed up for last week's event.