Orange County’s financial services industry is proving to be the silver lining in this recession. In 2008, the market overexposure to mortgage companies caused a major disruption in the office market. This time the industry is boosting the leasing business.
A JLL study shows that the financial services industry is responsible for 27% of large-scale rental business this year. Mortgage companies have benefited from increased refinancing activity due to low interest rates and are growing. “The core business of mortgage companies is refinancing. When interest rates are low, people are constantly refinancing, and that’s what drives business growth, ”JLL’s Jeff Ingham told GlobeSt.com. “Mortgage markets froze at the start of the pandemic, but once interest rates fell, people began to refinance. Now we are really enjoying it. “
This activity is also leading to some expansion of office space for mortgage companies. “Mortgage…
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