The office sector in 2021 “will be the most interesting to watch as employees start to return,” notes CBRE’s Kurt Strasmann.
Three recent blockbuster deals in the multifamily sector have been geared toward increasing OC’s inventory of affordable and workforce housing, another supply-constrained product type.
The retail and hospitality sector have struggled throughout the pandemic, as brick-and-mortar retail suffers from shelter-in-place mandates and travel restrictions keep hotel occupancy in the low double-digits.
Attached Homes Up 24%; Lack of New Inventory
Local homebuilders and developers enter 2021 on a wave of optimism, with the biggest challenge finding land in Orange County to build more homes, especially less-expensive offerings
Great Park Neighborhoods, which has a trio of active sales communities in Irvine, Rise, Novel Park and Cadence Park, saw a sales boost in 2020.
The master-planned community of Rancho Mission Viejo saw a drop-off in sales last year due to a lack of supply, not demand, as the South County development nears sell-out of its second large neighborhood and prepares to begin land sales for the third.
When the economy’s faltering, Stephen Gordon sees opportunity.
Latest Earnings Show Stunning Turnarounds
CommerceWest Bank attained a remarkable achievement in the fourth quarter—its $582 million loan portfolio had zero non-performing loans despite being in the middle of a pandemic that has devasted thousands of businesses.
Moving Corporate HQ to Dallas Area
First Foundation Inc. (Nasdaq: FFWM) made the quarter’s most surprising announcement when it said its holding company’s headquarters will move to the Dallas area.
‘Made Significantly’ More Money in 2020
Since Jared Wolff in 2019 became CEO of Santa Ana-based Banc of California Inc. (NYSE: BANC), the second biggest in Orange County, he’s focused on lending to the real estate and health sectors. He’s dumped expensive pet projects of previous executives such as the naming rights to a new soccer stadium in downtown Los Angeles.
Orange County has become a hot spot for high-ranking executives covering the West Coast for Charlotte, N.C.-based Bank of America Corp.
Pandemic Fears Overblown; Branches Continue Decline
Fears from a year ago that banks in Orange County could face a shellacking because the pandemic would force massive defaults by borrowers proved to be overblown.
VCs Reduce Local Investments to $97M
Venture capital firms with offices in Orange County decreased their local investments last year by about 11%.
REAL ESTATE: Garden Grove apartments; COR partnership
When Irvine’s Avanath Capital Management LLC was moving forward late last year on plans for an initial public offering for its real estate investment trust offshoot Aspire Real Estate Investors, Chief Executive Daryl Carter met with his share of Wall Street heavyweights.
Carol Dobbs Expands Boutique Offerings, and Community Dialogue
Carol Dobbs sews, paints, tie dyes, and runs the specialty boutique C Dobbs in Newport Beach