COMMERCIAL REAL ESTATE
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Commercial real estate, continued ...
Law firms, engineering companies and mortgage servicing firms are among
those that have expanded in Irvine Co. buildings, Case says.
“Although leasing
activity has slowed down in the last six months,” he says, “we continue
to see a flight to quality by many companies.” Privately held Irvine
Co. owns the most Class A offices in Orange County.
“Plus,” Case adds, “our stability comforts tenants, especially in this
environment.”
What about retail?
The economic downturn is hurting all sectors of real estate, including retail.
Several
well-known national players such as Circuit City, Mervyns and Linens ’n
Things – whose big-box stores occupied gigantic spaces in shopping
centers from Brea to Mission Viejo – are bankrupt.
With
few big-box deals in the pipeline, retail owners are considering
merchandising strategies they would have never dreamed of a few years
ago.
“How do you fill the space?” asked Jeff Moore, senior
managing director of CBRE’s Orange County region. “A bowling alley? A
career college?”
A bright future
Despite
the current challenges, Strasmann, the Grubb & Ellis executive,
believes real estate owners who weather the downturn are poised for a
bright future.
Orange County offers great weather, great
schools, outstanding executive housing, an educated and talented work
force and a diverse economy.
“You can check all the boxes for Orange County,” Strasmann says. “I would stack Orange County up against any place, anywhere.”
Commercial real estate, continued ...
Law firms, engineering companies and mortgage servicing firms are among those that have expanded in Irvine Co. buildings, Case says.
“Although leasing activity has slowed down in the last six months,” he says, “we continue to see a flight to quality by many companies.” Privately held Irvine Co. owns the most Class A offices in Orange County.
“Plus,” Case adds, “our stability comforts tenants, especially in this
environment.”
What about retail?
The economic downturn is hurting all sectors of real estate, including retail.
Several well-known national players such as Circuit City, Mervyns and Linens ’n Things – whose big-box stores occupied gigantic spaces in shopping centers from Brea to Mission Viejo – are bankrupt.
With few big-box deals in the pipeline, retail owners are considering merchandising strategies they would have never dreamed of a few years ago.
“How do you fill the space?” asked Jeff Moore, senior managing director of CBRE’s Orange County region. “A bowling alley? A career college?”
A bright future
Despite the current challenges, Strasmann, the Grubb & Ellis executive, believes real estate owners who weather the downturn are poised for a bright future.
Orange County offers great weather, great schools, outstanding executive housing, an educated and talented work force and a diverse economy.
“You can check all the boxes for Orange County,” Strasmann says. “I would stack Orange County up against any place, anywhere.”
