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Office leasing activity in Orange County surged at the end of 2018. According to Savills Studley, the Orange County office market recorded 2.2 million square feet in leasing activity in the fourth quarter, nearly double the leasing activity during the previous quarter. The Orange County office market has recorded a total of 6.9 million square feet in the last four quarters. The leasing activity was driven by growth in the pharma, tech, media and marketing industries.

“While many predict a cooling of the economy, the County is still projected to add more than 28,000 new jobs this year,” Randy Parker, senior managing director at Savills Studley Orange County, tells GlobeSt.com, adding that he was not surprised the market performed so well. “Several large transactions were successfully completed in the fourth quarter including: Taco Bell, at 181,000 square feet; Glaukos, at 165,000 square feet; AltaMed, at 90,500 square feet; Google, at 44,000 square feet; and WeWork, at 64,000 square feet. Bottom line, Orange County’s labor market has gone from one of the worst to one of the best. Executives are bullish on the future, and are committing to long-term lease transactions.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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