The last ten years have highlighted the resiliency and stability of the Orange County region of Southern California post-recession. The unemployment rate dropped 670 basis points from December 2010 to December 2019. The average unemployment rate in 2019 was 2.8% compared with 9.7% in 2010. Employment growth was largely driven by educational and healthcare services, professional and business services, construction, leisure and hospitality and financial services. The median home value jumped an astounding 59% since 2010 while the number of multifamily units increased by nearly 13%.
 

Commercial real estate demand was evident by the combined net absorption of 27 million sq. ft. over the last 10 years in the office, industrial and retail sectors while only 14.9 million sq. ft. of new product was built in Orange County. The health care industry was a primary driver across all three sectors. The industrial market had the largest average asking rent growth at 79%, increasing from $0.57 per sq. ft. in 2010 to $1.02 per sq. ft. by the end of 2019. The office sector increased 53.5% from 2010 to $3.04 per sq. ft. Given the diverse make-up of the Orange County economy, CBRE Econometric Advisors forecasts continued growth for the office, industrial and retail sectors.

 


Source: CBRE Research, February 2020.                                                                                       



Source: California EDD, ESRI, February 2020.

 
Contacts:
 
Nicole Moler Annette Jdanov
Field Research Manager, Orange County & Inland Empire Senior Field Research Analyst, Orange County
CBRE CBRE
+1 949 725 8541 +1 949 725 8691
nicole.moler@cbre.com                    annette.jdanov@cbre.com 
Linkedin Linkedin
 
Amna Nawaz Rhett Streelman
Field Research Analyst, Orange County  Field Research Analyst, Orange County
CBRE CBRE
+1 949 725 8628 +1 949 725 8609
amna.nawaz@cbre.com                    rhett.streelman@cbre.com 
Linkedin Linkedin





      



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