• Due to a large shortage of skilled labor, construction costs further rose in Orange County, which resulted in upward pressure on rents that offset higher concessions.
  • Occupiers struggled to find skilled talent and sought ways to increase employee satisfaction and reduce attrition. In addition to addressing office design, amenities and proximity to labor, they elected to move closer to workers to decrease commute times.
  • Chipotle announced plans to move its headquarters from Denver to the city of Newport Beach. OC is home to a variety of chains such as Wienerschnitzel, Tasteee Freez, Taco Bell, Del Taco, El Pollo Loco, In-N-Out, Wahoo’s Fish Taco, and Pick Up Stix.