Orange County office market report

Q4 2022

Several companies have postponed expansion efforts in preparation of upcoming economic headwinds. Additionally, decisions made to opt for smaller office requirements due to the adoption of remote work schedules will keep vacancies at historical highs. Rental rates should remain relatively flat moving forward as demand fundamentals for office space have not yet recovered to pre-pandemic levels.


Development activity has gone down36.2% since 2021 with no new major activity announced.
-205,233 sf

Net absorption

Total net absorption was downin the fourth quarter, reporting negative 205,233 sf. This is the second consecutive quarter of negative absorption.

Direct asking rent

Although rental rates are down 3.6% since 2020’s peak, rental rates have remained relatively flat throughout 2022.


Total availabilities are up 1.9% from the prior quarter. Over 208k sf of sublet availabilities entered the market in the fourth quarter.


Total vacancies are up 1.2% to conclude the quarter at 13.9%, the highest the market has experienced in the last decade.

Investment sales

Sales volume($) was down for a second straight quarter with just over $200m in sales.

Your source for the latest Orange County office market reports

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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