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Orange County Market Reports

Orange County Office Market

Average Asking Rent (Price/SF/Mo) $2.70
Vacancy Rate (%) 12.4%
Net Absorption (SF) 196,392

Net absorption in the Airport Area was negative 365,000 square feet in 2018-the first time in seven years the submarket recorded a loss. Although significant, the loss was largely due to a single tenant, Broadcom, which shed 836,000 square feet earlier this year. The submarket is otherwise healthy, highlighted by a diverse set of tenants leasing portions of Broadcom's former space, including Covidien (101,964 square feet), Acorns (90,900 square feet), LPA (55,540 square feet) and Paciolan (31,720 square feet). All of these tenants will bolster the Airport Area's absorption early next year and put the submarket's numbers back on firm ground.

Orange County Industrial Market

Average Asking Rent (Price/SF/Mo) $1.10
Vacancy Rate (%) 2.6%
Net Absorption (SF) 489,899

The shortage of quality available space has given property owners the flexibility to limit concessions, lengthen average lease terms and enact rent increases, while feeling little regret over losing tenants that choose to relocate outside of Orange County. There is sufficient demand to keep fundamentals tight and landlords confident: The average lease-up time for an existing Class A or Class B warehouse space greater than 100,000 square feet is only three to five months.

Orange County Office Market Report
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Orange County Industrial Market Report
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