REAL ESTATE
Compiled by Michael Flagg, Times staff writer
Construction Report: Construction of commercial buildings is increasing in Orange County, but office construction appears to be continuing slowly in response to high vacancy rates and low rents.
That’s the word from the Construction Industry Research Board, which reported recently that building permits--for everything except housing and heavy construction such as road-building--rose more than 17% during January and February, compared to the same two months in 1989.
Local governments issued $226 million in permits during the first two months of the year, compared to $192 million last year. Building permits are an indicator of future construction.
By comparison, building permits statewide rose only 2%, the research board said.
