REAL ESTATE
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Tenant Defaults Cited: Jana Turner, recently promoted to Orange County regional president for Koll Management Services, a publicly traded subsidiary of Newport Beach-based Koll Co., said she is seeing a “leveling out” of local commercial rental rates but still finds a “tremendous amount” of tenant default and consolidation.
Turner is now responsible for leasing and managing Orange County’s largest property management portfolio, totaling 12.5 million square feet of commercial buildings. Koll Management, a publicly traded subsidiary of Koll Co. of Newport Beach, manages 100 million square feet of property across the nation.
In Orange County, the company has seen 247,000 square feet of defaults in the first six months of this year.
“When I start seeing defaults lessen, then I’ll start believing the local real estate market is coming back,” said Turner, who has been with Koll since 1990.
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