Orange County, CA: Inspiring Confidence of Landlords, Investors
RealShare Orange County will convene at the Hyatt Regency, Irvine on August 16.
ORANGE COUNTY, CA-Some landlords have already demonstrated confidence in the future recovery by being firmer on negotiations and, in some cases, pushing asking rents for the more desirable availabilities, says a recent JLL office report for the Orange County area. “From a landlord’s perspective, the market is on an encouraging pace of recovery. From a tenant’s perspective, the window of opportunity to lock in market low rates is still open, but quickly closing as vacancies tighten,” says the report.
ALM's Real Estate Media Group, publisher of Real Estate Forum and GlobeSt.com, presents its RealShare Orange County event, which will convene at the Hyatt Regency, Irvine on August 16. The event will take a deeper look into the local market and where is headed and panelists will seek to answer critical questions facing the region across key property sectors, including office, industrial and multifamily; as well as examining the changing needs of the corporate end user.
The event will be equal parts information and networking, and when every leading player in the marketplace is in one room, the quality and access of networking can't be beat. More than 500 regional leaders, brokers, investors, developers gathered for this event in 2011, and more are expected this year.
As most of you may know, Orange County is on its way back, and is making a recovery faster than most other regions in California and nationally and the multifamily market is leading the way. First up will be a multifamily outlook panel, featuring moderator John Condas, partner at Allen Matkins; and panelists: Jay Blasberg, EVP and national production manager of Alliant Capital; Joe Cesta, VP and regional manager of Marcus & Millichap; Jack Dickens, SVP of property management at Equity Residential; Stephan Kachani, VP of sales at Loan Oak Fund; and Jeff Rowerdink, first VP of acquisitions at Essex Property Trust.
Following a networking break, attendees will get a peak at what the corporate end user is seeking in their site and office selection with moderator David Wensley, partner at Cox, Castle, Nicholson, and panelists: John Gabriel, VP of real estate at LA|Fitness; David Willis, principal of Cresa; Jack McNutt, senior managing director at Newmark Grubb Knight Frank; John Cornuke, senior director of asset management at TIAA-CREF; and Jay Warner, asst vice chancellor of real estate and facilities at Brandman University.
Up next is a Lifetime Achievement Award Presentation to Robert Voit, chairman and founder of locally based Voit Real Estate Services. Voit recently chatted with GlobeSt.com about his secrets to success, lessons for CRE newcomers, and his overall thoughts on which product types do you see as the right ones to focus on for the next year or two.
Lastly, attendees will hear from local industry leaders about who is buying, selling, and financing in Orange County. “While the effects of the recession have been felt more in the secondary industrial markets, Orange County is a primary market and hence pricing has been very strong.” So says Rick Putnam, managing director of the western region of Colliers International’s capital markets group based in Irvine, CA, who will serve as a panelist in the session. According to Putnam, “Even here, though, there is a bifurcation in pricing between the ‘A’ and ‘B’ assets, with the larger investors focused on newer product with high credit tenancies.” Properties with smaller suite sizes, less occupancy, and lesser credit, he says, see higher cap rates and tougher financing terms. “Even so, Orange County remains a favored institutional investment market due to its diverse economy.”
He will speak alongside moderator Kurt Strasmann, senior managing director of CBRE Inc. Fellow panelist Jeffrey Cole, executive director of capital markets at Cushman & Wakefield, who will speak on the topic of the local office market, explains that “cap rates for Southern California and Orange County office properties continue to trend lower for stabilized assets, approximately a 20 bps decline in the second quarter versus a year earlier.”
Cole points out that “The second quarter of 2012 showed a decline in office property sales volume from the first quarter. This may be due to renewed pessimism in the macro economy including Europe and a slight slowdown in the local office fundamentals.”
Other panelists will include Brandy Birtcher, president of Goodman Birtcher North America, who will touch on development, more specifically on industrial product; Eric Paulsen, co-CEO of Auction.com; and Chris Bennett, director of development at Costa Mesa, CA-based LAB Holding LLC, who will focus on retail.
So much is happening across the country in the office sector. Hear the latest in creative office, how millennials are impacting the direction of the market and where developers are focusing at a RealShare Conference. Check out the details and agendas to find an informative office panel and register today.
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