David Giglio Giglio: “Over the last several years, Orange County has evolved from a very conservative and traditional market to become a more progressive and cutting-edge market attracting tech companies and other industries, which has strengthened the economy.”

ORANGE COUNTY, CA—The combination of consistent demand, slower development pace and older-property repurposing has made a sharp decline in Orange County’s office vacancy possible, Transwestern’s VP of agency licensing David Giglio tells GlobeSt.com. The firm recently revealed that office vacancy levels are continuing to decrease around the region to levels last seen before the recession. In addition, and possibly as a result, speculative office development has returned to the region, with a total of 1.5 million square feet now underway and another 2.5 million square feet proposed. We spoke exclusively with Giglio about the reasons for this tightening, who’s taking space and the effect this will have on new development.