IRVINE, CA—Being creative about space use will be the name ofthe game in all of Orange County's property sectors next year asspace continues to tighten, Allen Matkins partner DrewEmmel tells GlobeSt.com exclusively. We sat down withEmmel to discuss what his firm will be focusing on next year andsome of the most significant changes the Orange County commercialreal estate market will see in 2015.

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GlobeSt.com: What do you feel will be the mostsignificant changes the Orange County commercial real estateindustry will see in 2015?

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Emmel: 2015 will be the year that'sall about location and availability. Some of the markets aretightening, especially the industrial marketaround the airport, with limited availability. If you are anindustrial developer or need an industrialbuilding, it will be tougher to find land. In theretail sector, the Orange County market is goingto be strong, but that will be about location. You will needdevelopment in the right location, notwithstandingthe pressure of online shopping we're hearing. Clients aredemonstrating that if you can find a location for retail use andmatch that location to the proper use, a retailer can have asuccessful store and the developer a successful project.

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In office, my expectation is that the market isgoing to continue to tighten. There are several large users lookingin the Orange County Airport market for significant office space,and the office market will continue to tighten in 2015.Medical will continue to grow, and from what Iunderstand, medical-office buildings will continueto pop up throughout Orange County. Multifamily isstill going to continue to be busy, but at a much slower pace thanthe last few years. An interesting dynamic is the conversion fromindustrial to multifamily, which will continue toaccelerate and put pressure on industrial developers frommultifamily developers who want their land.

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GlobeSt.com: Are there any emerging Orange Countymarkets?

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Emmel: Within Orange County, thecentral business district will continue to grow. It's interestingthat there's more residential development going on in the AirportArea than industrial or office.

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GlobeSt.com: What will be your firm's focus in 2015for the Orange County market?

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Emmel: We've been really busy over thelast year and expect to continue to be busy on all the fronts Ijust mentioned: office, industrial and retail. We're also involvedin the Five Points residential development inTustin, and we're touching on all the major product types in OrangeCounty.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.