Orange County Office Market Report (Q1 2021)28 Apr 2021
Orange County office fundamentals off to slow start.
During the first quarter, OC’s unemployment rate dropped to 6.8%, per the latest data from the Bureau of Labor Statistics for the month of February. A marked improvement from last year’s decade high of 14.4% and lower than 7.3% from this past January. However, the impact of the pandemic continues to influence the entire Orange County office market.
- 6.8% Orange County Unemployment Rate as of February 2021
- (952,873) SF Year to Date Negative Net Absorption
- 13.3% Total Vacancy Rate increased from Q4 2020
- 489,206 SF Under Construction Current Quarter
- $2.73 PSF Weighted FSG Average Asking Rental Rate