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George Thomson Thomson: “It’s been a race to value—not just flight to value—for all class-B tenants, large and small, as the large blocks have been substantially absorbed over the last eight quarters and the creative conversions have pushed rates to class-A project equivalents.”

IRVINE, CA—Since the economic rebound, there has been more than 900,000 square feet converted into creative-office space in the Airport submarket alone and almost as much set to be delivered in OC over the next 18 months, representing a direct shrinking of the class-B inventory, NKF’s senior managing director George Thomson tells GlobeSt.com. According to a Q4 2017 report from the firm, class-B inventory comprised 72.4 % of 2017’s net absorption gains in the Orange County office market. We spoke with Thomson about the availability of class-B office space, given how much in-demand it is and how much redevelopment into class-A space is happening in the market.

GlobeSt.com: Is class-B office space shrinking in Orange County with so much redevelopment into class-A space going on?

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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.

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