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2022 Q1 Orange County Office Research Report

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OFFheroOC_Q122

2022 Q1 Orange County Office Research Report

Key Takeaways: 

  • Construction activity remains active with 1.1M SF under development. The Irvine Company’s Spectrum Terrace and Innovation Office Park represent 57% of all new construction.
  • After a positive change at the end of 2021, Orange County’s vacancy increased 50 basis points quarter over quarter and is now 100 basis points higher than one year ago.
  • Net absorption posted 463,575 SF of negative net absorption, giving back all occupancy gains it made at the close of last year. 
  • Seven of the last eight quarters have all posted negative net absorption.
  • Overall asking rents remained flat quarter over quarter and down $0.02 from one year ago. In order to keep asking rents from dipping, landlords are offering aggressive concessions to tenants signing new deals.
  • While most submarkets had an availability rate increase over 1 percentage point, the West County availability rate decreased by 1.2 percentage points, the region’s second lowest.

OFFthumbOC_Q122

2022 Q1 Orange County Office Research Report

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