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2022 Q2 Orange County Office Research Report

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2022 Q2 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 last quarter’s increase in vacancy rate, this quarter’s vacancy rate showed a healthy decrease that more than made up for
    last quarter. Vacancy rate closed out at 16.3%, 40 basis points lower than Q4 2021.
  • Net absorption also made a comeback this quarter. New occupancy gains totaled 684,678 SF, as opposed to last quarter’s dip
    to the negative side.
  • Overall asking rates remained flat from last quarter at $2.72 PSF. However, average asking rates for Class A space has
    increased from last quarter by $0.04 to $3.03 PSF.
  • Although most submarkets had an increase in availability rates, the overall rate was decreased by 10 basis points to 22%.

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2022 Q2 Orange County Office Research Report

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