Landlords Hold Pricing Power in Orange County
ByDemand for apartments continues to be strong in Orange County, where high construction costs and surging land values maintain the housing market as one of the most expensive in the country. Following this year’s surge in construction, occupancy has remained tight, indicating rapid absorption of new deliveries, while rent growth dropped to 2.6 percent as of October.
The multifamily market received a boost from high-paying jobs in sectors that attract the region’s educated workforce, such as technology, biotech, finance, health care, aerospace and higher education. Despite a slowdown, the labor market continues to expand, fed by a boom in construction. A notable mixed-use project, LT Global Investments’ $450 million LT Platinum Center in the fast-growing Platinum Triangle, is slated to encompass office, retail, hotel space, apartments, condominiums and a movie theater. Large office developments include the 1.1 million-square-foot Five Point Gateway and the 38-acre Flight at Tustin Legacy…
