Orange County office market report
Q1 2024
The Orange County market displayed some signs of recovery as leasing activities remained firm, reporting over 1.8 msf leased for the second straight quarter, average asking lease rates hold steady with landlords offering concessions in lieu of decreasing rents, and sublease availabilities have decreased for the first time since 2Q 2023.
Net Absorption
Net absorption fell into the red 1Q 2024, but we can expect tenant movements to improve with leasing activities displaying signs of recovery.
Direct asking rent
Asking rental rates continue to hold firm as landlords continue to offer concession packages in lieu of decreasing rents.
Availabilities
Sublease availabilities decreased for the first time since 2Q 2023, concluding at 3.4% at the end of the first quarter.
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