"Orange County had more than triple the office conversions and redevelopments planned or under construction than L.A. County, according to CBRE. Orange County had 4.2 million square feet, compared to 1.2 million in L.A."
"While L.A.'s jump in activity is significant, the margin between the two markets weighs heavier considering L.A.'s population of nearly 10 million is more than three times its neighboring county."
"Orange County is definitely more development-friendly than L.A. County. It's easier to navigate the bureaucratic channels of approvals."
"Bohn worked on the first adaptive reuse project in Santa Ana after the city passed an ordinance incentivizing these types of projects."
Orange County significantly outperformed Los Angeles in office conversions, with 4.2 million square feet planned or under construction compared to L.A.'s 1.2 million. By the fourth quarter, L.A. increased to 3.3 million square feet, but Orange County maintained a lead with 3.8 million. The disparity is notable given L.A.'s larger population. Local governments in Orange County effectively support adaptive reuse amid high office vacancy and housing shortages. Michael Bohn noted that Orange County's development-friendly environment facilitates easier navigation of bureaucratic processes for approvals.
Read at therealdeal.com
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