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NEWPORT BEACH, CA-“Across the board, rents and vacancies are better than they were in the fourth quarter, and Orange County, in particular, has seen good growth,” said keynote speaker Allen Greer, managing member of Greer Advisors LLC, during a recent Sperry Commercial quarterly broker exchange here at the Pacific Club. Panelists at the event, which was titled “Distressed/REO Commercial Real Estate Update 2013,” said that the county is performing better than anywhere else in the country, with “fewer distressed opportunities in the immediate area.”

Greer pointed out that California—Orange and Los Angeles counties, in particular—both plunged first and harder than other markets during the economic downturn, but are recovering at a faster and stronger pace due to increasing demand from money that was once sitting on the sidelines but is now chasing product. Additionally, publicly traded REITs, which Greer defined as “the best of the best,” are still very popular due to the market wanting to place money in higher-yielding investments other than safe T-bills. He said that REITs are performing at an “all-new high this month, at or better than we were in ’05/’07.”

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