Orange County office market report
The Orange County office market leasing remains active, particularly in the Airport Area submarket with approximately 1.1 million square feet leased during Q2. Office occupancy hit 41.8%, the highest point since the pandemic began in 2020 showing signs of improvement in office space demand according to Kastle Systems’ card-swipe reader.
Inventory for office buildings of at least 20 ksf totaled 129 msf with an additional 1.2 msf under construction.
After reporting negative absorption in Q1 2022, tenant movement within the Orange County office market picked up with 629,797 sf absorbed by quarter-end.
Direct asking rent
Landlords remain firm on average asking rents on class A and class B spaces.
Total available space increased in the Orange County metro area by 73,726 sf due to additional space added to sublease availabilities.
Overall vacancies decreased by 60 basis points, despite sublease vacancy rates historic rise to 1.5% for the first time since Q4 2003.
Investment sales activity saw a decline this quarter by $100 million in sales volume, but the average price per square foot was only reduced by 3% to $263.75.
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Get in-depth office market reports and insights from commercial real estate experts in the Greater Orange County area. Avison Young advisors look at Orange County's commercial real estate activities and the latest area statistics to provide you expert market research on Orange County's office properties.
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