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Orange County Market Reports

Orange County Office Market

Average Asking Rent (Price/SF/Mo) $2.65
Vacancy Rate (%) 10.6%
Net Absorption (SF) 406,944

The Irvine Spectrum is becoming the metro's center of gravity, as it benefits from a diverse employment base consisting of high tech, automotive and electronics firms. The Spectrum also benefits from its access to talent at nearby universities. Rental rates in the Irvine Spectrum are at an all-time high and are among the priciest in the market; its average asking rental rate was up 26.7% from this time last year, and was 9.2% above last cycle's high in 2008. Rising rents have not dampened absorption gains: While the Spectrum contains only 10.7% of Orange County's stock, it has become the largest absorption-contributor, with 43.2% of the greater market's gains.

Orange County Industrial Market

Average Asking Rent (Price/SF/Mo) $1.02
Vacancy Rate (%) 2.0%
Net Absorption (SF) -50,041

Most of the metro's big-box product is located in North County, which offers access to Los Angeles, Orange County and the Inland Empire. North County is also driving Greater Orange County's fundamentals: Average rent in the submarket was up 20.0% year-over-year, following strong rent growth in both the warehouse/distribution and general industrial market segments. Additionally, North County's vacancy is the tightest in the metro at 1.0%, an all-time low, and it dominated Orange County's absorption gains in the first nine months of 2017.



Orange County Office Market Report
3Q17
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Orange County Industrial Market Report
3Q17
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