"Stable job growth has helped to reduce office vacancy rates and raise rents throughout the region," said Delores Conway, Ph.D., director of the Casden Forecast, at a briefing for real estate executives held this morning in Los Angeles. "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 percent since 2004 as businesses seek the convenience of being in the Newport Beach-Irvine corridor," explained Dr. Conway. "Southern California office and industrial markets will continue to hold their value through 2006 thanks to a flood of capital from mutual funds, REITs and pension funds needing to diversify real estate holdings and lock in long-term revenue streams," Conway observed.
