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Are There Any Drawback’s to OC’s Tech Boom?

NEWPORT BEACH, CA—Not according to CBRE’s Kurt Strasmann, who tells GlobeSt.com that unlike the mortgage meltdown that preceded the recession, technology is broad based enough that even if one sector falters, plenty of others will remain strong.

Kurt Strasmann Strasmann: “The root of issues during the mortgage meltdown was sub-prime, and we were heavily sub-prime; however, technology is very broad.”

NEWPORT BEACH, CA—There really isn’t any downside to Orange County’s current tech boom, CBRE senior managing director, Orange County region, Kurt Strasmann tells GlobeSt.com. According to a recent CBRE research report, Orange County’s low business and labor costs, compared with major California cities, makes it a viable option for companies.

The report also shows that tech companies are currently seeking 1.8 million square feet of office space in Orange County, totaling 36% of the market’s demand; tech companies accounted for 25.6% of office leasing activity in 2016 in this market, up from 13.6% in 2012; and tech employment grew 40.7% from 2005 to 2016 in the region.

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Carrie Rossenfeld

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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