REAL ESTATE
Even though the growth rate has slowed, businesses in Southern California continue to seek larger quarters, keeping the office and factory market firm.
While 1987 was a record year for leasing of office and industrial space, this year should be nearly as strong, said Robert Dunham, president of Newport Beach consulting firm Newport Economics Group.
In Orange County, more large tenants are seeking quarters of more than 150,000 square feet, said Dunham. The more glitzy research and development-type buildings will lease a little less space this year, he said, but a resurgence of demand for plain industrial space will be very strong.
Meanwhile Clyde F. Stauff, a vice president at the Seeley Co.’s Orange office, reported a “severe shortage” of industrial buildings in northern Orange County during the past 18 months. He said there is a sellers’ market for larger industrial buildings.
Research and development buildings, on the other hand, are languishing in that market because too many have been built, Stauff said.
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