July 13, 2017
By Dennis Kaiser
The summer’s hottest CRE event, Connect Orange County, is fast approaching. Connect Media caught up with Trammell Crow Company’s Tom Bak, one of the market’s leading developers, to get a sneak peak into some of the biggest trends leading up to the July 27th conference at the Balboa Bay Club. Follow this link to get more information and register: Connect Orange County.
Here’s what the senior managing director for the company’s SoCal development and investment group had to say:
Q: What are the biggest trends impacting the Orange County market?
A: The two most important trends in the Orange County Class A office market are the quality and size of outdoor space, and the friendly and generous service of the management team.
At The Boardwalk, we are taking advantage of the beautiful year-round Southern California weather to provide high quality gathering places that serve more as a destination. Our vast two-acre courtyard provides hundreds of outdoor seating options among an amphitheater, restaurant, conference rooms, and patio style seating. We seek to invigorate and activate our client experiences via these amenities.
At The Boardwalk, we are also offering the friendly service typically associated with Class A hospitality resorts. We find that by personalizing our clients service experience they will enjoy the work environment in a remarkably different way.
Q: What are the prime opportunities for developers, as well as the toughest challenges you face today?
A: The entitlement process offers the greatest challenges, yet the greatest opportunities. We employ a team of in-house CEQA/Entitlement experts to work collaboratively with stakeholders – cities, neighborhoods, employers, etc. We have an active outreach program that includes job fairs, charitable activities and the like.
Q: How do you justify the amount of development your team currently has underway in Orange County?
A: The driver of our investment decision to buy or develop office is jobs. Orange County has seen consistent year over year job growth.
While jobs are the driver of these investment decisions, we are also focused on delivering the best design in the best locations with the best partners and lenders. Currently, we see continued demand and very limited supply of office buildings offering the combination of unique design and service.
For comments, questions or concerns, please contact Dennis Kaiser