2022 Q3 Orange County Office Research Report
- Construction activity remains active with 604K SF under development between the ongoing Spectrum Terrace and Innovation Office Park projects.
- Vacancy rate increased 80 basis points from last quarter to 17.1%.
- Net absorption took a plunge this quarter, with over 212K SF returned to the market.
- Average asking lease rates fell this quarter to $2.68 PSF overall and $2.98 PSF for Class A space. These were differences of $0.04 and $0.05 PSF, respectively.
- Overall availability rate increased by 190 basis points, closing the quarter at 23.8%.