Orange County office market report
Q2 2025
Orange County’s office market gained momentum in Q2 with over 1.7 million square feet leased, driven by demand for newer, amenity-rich spaces as companies encourage employee return. Availabilities stabilized at 21.0% due to fewer lease givebacks and slower new listings entering the market, helping support office recovery, and average asking rents remained steady at $35.07 per square foot. Despite capital markets activity below 2021 peaks due to office-to-industrial conversions, the market showed resilience with $245 million in Q2 transactions. If Federal Reserve rate cuts are announced in 2025, easing lending standards should help boost capital flow and recovery.
Net absorption
Net absorption continued to remain subdued, reporting negative for the second straight quarter.
Asking rent
Occupiers have prioritized amenity-rich offices, keeping average asking lease rates steady at $35.07/SF.
Availabilities
Total availabilities have remained stable at 21.0% in the second quarter.
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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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