ORANGE COUNTY, CA — The combination of consistent demand, slower developmentpace and older-property repurposing has made a sharp decline in Orange County’soffice vacancy possible, Transwestern’s VP of agency licensing David Giglio tells GlobeSt.com. The firm recently revealed that office vacancy levels are continuing to decrease around the region to levels last seen before the recession. In addition, and possibly as a result, speculative office development has returned to the region, with a total of 1.5 million square feet now underway and another 2.5 million square feet proposed. We spoke exclusively with Giglio about the reasons for this tightening, who’s taking space and the effect this will have on new development.
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