Overbuilding during the boom and falling employment during the bust have left Orange County with glut of about 10 million square feet of office space – equal to about 386 average-sized buildings. So landlords are expected to keep cutting office rent through 2013, even though the amount of empty space is shrinking. That's the outlook for Orange County's office market, according to forecasters at the USC Lusk Center for Real Estate. Commercial real estate executives got a preview this week of Lusk's 2012 Casden Forecast for Orange County, which will be released on Tuesday... ..."We may not need any office buildings for awhile around here," Green said. "Until this number comes back to near the peak, we won't need any office space." To view the full article, click the link below.
December 2, 2011