January 1, 2006
"Stable job growth has helped to reduce office vacancy rates and raise rents throughout the region," said Delores Conway, director of the Casden Forecast . "Lease renewals reflect the positive outlook of business owners across diverse industries. In the area surrounding Orange County's John Wayne Airport, rents have soared almost 13% since 2004 as businesses seek the convenience of being in the Newport Beach-Irvine corridor." Conway said the Southern California office and industrial markets will continue to hold their value through 2006 thanks to a flood of capital from mutual funds, as well as REITs and pension funds needing to diversify real estate holdings and lock in long-term revenue streams.