Defining the OC: A Unique New Value Opportunity
We are uniquely diversified – full of nationally-recognized business leaders and entrepreneurs who have transitioned from a pre recession economy weighted in mortgage companies to a post-recession market that crosses professional services, automotive, and technology. We are engineers, technology leaders, financial forerunners, surf wear fashion designers, gaming and yes, in the financial arena, we have retained our mortgage groups but we also have global leaders such as PIMCO. So the quick elevator speech is “OC has a very diversified and healthy employment base.”
And this strong economic diversification has helped OC to grow across the board, at a faster rate than any other office market in the country.
According to Transwestern’s Second Quarter Office Market Report, local year- over-year job growth in OC is trending higher than the national average. The unemployment rate for Orange County dropped to just 4.2% in May of this year, as total non farm employment increased by 3.4 % year over year. Compared to overall US year-over-year employment growth of 2.2% in May, Orange County’s rate of employment growth has been out pacing the rest of the nation by a full percentage point, led by the area’s strong and diverse technology, healthcare, and business services clusters.
And so, our diversification helps to make this market – and the Tier One Class A office product in which ORION specializes – healthier than most competing metropolitan areas on the West Coast.