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July 24, 2017
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OC Office Market Vacancy Rate at Lowest Level Since 2007

4/28/17

At the end of the first quarter of 2017, the Orange County office market vacancy rate was in single digit territory, the lowest seen since 2007. The vacancy rate registered 9.1%, down 80 basis points from a year ago. At the end of the quarter, average asking rents reached $2.49/sf/mo, up 2.5% from the previous quarter and 6.9% over last year. Over a two-year period, the average asking rent has grown 17 percent.

Developers have responded to the low vacancy and rising rents by adding new supply to the market, with more than 2.2 msf of new space currently under construction. This puts the County at one of the highest levels since 2007.

Brian C Childs, Executive Managing Director with NAI Capital’s Irvine office said, “Higher sale and lease pricing is already baked into the market so our expectation is for stabilized sale and lease pricing with limited growth in 2017.”

As of the first quarter of 2017, roughly 21% of the office space under construction has been preleased – and that figure is expected to rise as projects near completion. In addition, almost all existing construction is anticipated to be delivered by this summer. In the coming quarters, the average asking rent is expected to rise as pricing for the new space is factored into the market and the vacancy rate inches up with the added new supply.

To access NAI Capital’s full Orange County Office Market Outlook report, click HERE.








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