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2021 Q4 Orange County Office Research Report

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OFFheroOC_Q421

2021 Q4 Orange County Office Research Report

Key Takeaways

  • Orange County office vacancy declined for the first time since Q1 2020. It recorded at 16.7% this quarter, which is 50 basis points lower than the previous quarter.
  • After six consecutive quarters of negative net absorption, Q4 recorded a positive change for the OC office market. There was over 488,000 SF of new occupancy in the market. 
  • The most significant year-over-year change in average asking rent was in South County. The submarket closed at $2.59 PSF asking rent, which is a decrease of 19.3% from Q4 2020.
  • Availability in the Airport area dropped to 23.7% this quarter. While still the highest in the market, this is a healthy decrease from last quarter’s 25%, showing positive prospects for the OC market.
  • South County continues to dominate with the largest leases in the market again this quarter. The top three leases in the area were signed by Verizon, Amazon and Hyundai companies, totaling over 330K square feet of space. 

OFFthumbOC_Q421

2021 Q4 Orange County Office Research Report

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