GLUT: Federal regulators say Orange County is...

GLUT: Federal regulators say Orange County is the nation’s third-worst trouble spot for office over-building, and the latest building-permit figures, above, show why. . . . In the late ‘80s, building permits for offices were booming, but they’re down 61% from the same period last year, because of acres of empty office space. . . . State banking officials insist, however, that the county’s diverse economy cushions it against an office real estate crash.

Office Building Construction Value of office building permits issued in Orange County, January through April of each year. (In millions of dollars) 1987: $156 1988: $135 1989: $145 1990: $56 Source: Construction Industry Reach Board