Orange County office market report

Q2 2023

Orange County’s office availabilities remain at all-time highs, reaching 22.0% by quarter end. Current economic factors have led to layoffs and a slowdown in company expansion efforts. Many landlords continue to offer generous concessions without lowering rates in order to attract new tenants.
258k sf


Q2 2023 saw 258,395 square feet of new office deliveries in Orange County. There is currently nothing under development.
-60k sf

Net absorption

Q2 registered a negative net absorption of 60,108 sf, contributing to a year-to-date new absorption of -1,458,027 sf.

Direct asking rent

Asking rents remained steady in Q2 2023 at $32.89/sf on a full-service basis.


Orange County’s office availabilities remain at all-time highs, reaching 22.0% by quarter end.


Total vacancy this quarter registered at 17%, with 14.8% direct vacancy and 2.2% sublet vacancy.
$205.19 psf

Investment sales

Investment sales continue to decrease, with the 2023 YTD price per square foot dropping to $205.19, and with sale volumes at $494.5M.

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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.

Explore different topics like the latest office market pricing trends and analysis of Orange County's current office real estate market conditions. Gain a better understanding of the area’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Orange County's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in the area.

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