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2021 Q1 Orange County Office Research Report

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Orange County Office Key Takeaways

  • Orange County office vacancy increased another 110 basis points over the quarter to 16.9%, a rate last recorded in 2012.
  • Sublease availability rose to 3.7%, but is lower than the Greater Los Angeles rate of 4%.
  • Net absorption was negative for the fourth consecutive quarter, with the most quarterly losses in Q1.
  • Much of the occupancy losses in Q1 were in South County, where the average asking rate decreased by 8.6 year-over-year.
  • Overall average asking rate in the county is down 2.8% year-over-year.
  • Leasing activity reached 1.6 MSF, on par with the quarterly average of 2020.
  • Anduril, a defense tech firm, pre-leased the entirety of the mixed-use development The Press, making it the largest lease on record in Orange County.

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2021 Q1 Orange County Office Research Report

Download Report