Orange County Real Estate Market Update
Based on Emerging Trends in Real Estate 2017 survey performed by PwC, Orange County is ranked No. 8 for overall real estate prospects among 78 markets included in the survey.
Orange County’s diverse economy is built on financial services, technology, and tourism. The financial services and technology industries are supporting high- and middle-wage job growth. The strong job growth is pushing up personal income. The higher incomes are helping spur activity in the housing market.
Orange County is also viewed as an affordable tech location when compared with other California tech centers. The combination of a research university, access to venture capital, and a trained workforce is driving the creation of startups in software, medical device, and biotechnology firms.
The Orange County market is benefiting from access to the ports of Los Angeles and Long Beach. The import/export business has resulted in the industrial market hitting historically low vacancy rates and driven rent growth back to pre-Great Recession rates. With new development locations limited, Orange County could be one of the first markets in the United States to develop multistory industrial, although a number of regulatory and zoning hurdles will need to be cleared before this can happen.