The 2008 financial crisis had a substantial impact on Orange County. The market, which was largely made up of financial services companies, was over exposed to the sub-prime mortgage crisis. This cycle, the market has evolved and developed a more diverse group of industries, and today, the market has evolved to better handle the next downturn.

“Orange County was one of the hardest hit regions during the Great Recession because of its over exposure to the subprime mortgage industry,” Jared Dienstag, research manager at JLL, tells “Because it was hit so hard, Orange County was one of the later market’s to recover. This clearly demonstrated the need for our economy to be more diverse. Not only does this encourage people with different talent and education to live and work here, but it also promotes local innovation through research and development, venture capital funding, job growth, and helps build an ecosystem which encourages people to learn, develop, and stay in Orange County.”

Housing is also a major difference between this cycle and the last cycle. In the last cycle, Orange County was a largely single-family housing market, but this cycle a large multifamily supply has entered the market. “A noticeable change to Orange County is the growth in multi-family housing,” says Dienstag. “The market realized that in order to attract young people to live and work here, additional housing was needed. Since the time the recession ended, Orange County has added over 33,000 multi-family units with the largest supply being added in Irvine. This has provided more people the opportunity to live near where they work and cut down commute time, which everyone who lives in Southern California can appreciate.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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