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Orange County Office Poised For Continued Success

When it comes to office, the Orange County market is performing well this year.

The Met in Costa Mesa
The Met Costa Mesa

CBRE Senior Managing Director Kurt Strasman said the OC has great product with great landlords.

"The market is very solid," Strasman said. "It's positioned well for the future. All the fundamentals have lined up to see our market continue to see success."

Properties are being repositioned from traditional to more progressive or creative office with the amenities that are necessary to attract companies into Orange County, according to Strasman.

CBRE Senior Managing Director Kurt Strasmann
CBRE Senior Managing Director Kurt Strasman

One example is The Boardwalk by Trammell Crow in Newport Beach, which will consist of offices in two main buildings with approximately 545K SF of office, 5K SF of restaurant retail space and two acres of landscaped open space.

The buildings are connected with interior bridges and outdoor terraces.

McCarthy Cook & Co.'s The Met Costa Mesa, an 800,826 SF office campus, is another office project that offers three 12-story office buildings and a three-story 24 Hour Fitness.

While net absorption remained positive for the 14th consecutive quarter, absorption was flat, recording 29,100 SF during Q2 in Orange County, according to Colliers International's Orange County Office Research and Forecast report. Overall vacancy in Orange County was unchanged from the previous quarter at 12.3%.

To find out more about the office market in the OC, join Strasman and other experts at Bisnow's Orange County Office Market Series on Sept. 21 at the Irvine Marriott.