The Human Side of Commercial Real Estate
Commercial real estate veteran Steve Economos has seen it all—from the days of floppy disks and fax machines to today’s data-driven, AI-leaning market. In his recent appearance on The Orange County Power Players Podcast with Danny Flores, Steve shared an inside look at how the Orange County office space market has weathered massive change—and why he believes it’s poised for a comeback.
From Ground Zero to Groundbreaking Trends
Starting his career in the early ‘90s, Steve’s first job was manually collecting office listings by phone—long before CoStar or digital databases. That old-school hustle gave him deep, lasting insight into the OC market, knowledge he still uses today.
Fast forward to 2025, and Steve now helps clients navigate the complexities of a post-pandemic world. Remote work, downsizing, and high interest rates hit the market hard. But he says the tide is starting to turn. Leases have cycled through the pandemic, companies are calling people back to the office, and interest rates are beginning to dip.
Medical and Flex Spaces: The New Stars
While traditional office buildings faced major hurdles, medical office and R&D flex spaces have stayed strong. Steve explains that these properties remain essential, especially with medical practitioners needing physical locations to treat patients. Their stability and long-term tenants make them a favorite among certain investors.
Looking Ahead: Opportunity on the Horizon
Steve is cautiously optimistic. Office downsizing has largely played out, and some buildings have even been converted to residential or institutional uses, reducing overall inventory. With major firms like Google and JP Morgan pushing for return-to-office mandates, local businesses are following suit. That, combined with better loan options for owner-users through SBA programs, could signal the beginning of a market rebound.
Catch the Full Interview
To hear the full story and insights, listen to the episode titled “Orange County Commercial Real Estate Market” with Steve Economos on Apple Podcasts: Listen here
