Growth in San Diego Office Activity; Orange County Steady - 2012 Allen Matkins/UCLA Anderson Forecast

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San Diego and Orange County sentiment is improved for rental rates and approximately the same for vacancy rates reflecting a strengthening of demand relative to supply. We see activity in the San Diego market where job growth has exceeded that of the nation. Growth is given by technology sectors. While sentiment is positive in the Orange County office market, we are not seeing plans for new construction. Orange County office space, which had been emptied by the loss of the subprime mortgage industry, is now being taken up by office job driven by the growth in business services, technology and exports.