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June 15, 2024
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OC Office Market Occupancy Rate Saw an Uptick in the 2nd Qtr 2022


This update provided by real estate services firm NAI Capital

Orange County’s office market gained occupancy as companies persisted in bringing their people back into the office post pandemic. The vacancy rate inched downward as demand for office space got a boost in most submarkets in the second quarter, since seeing an increase in the first quarter of 2022. Many submarkets saw gains in occupancy as the vacancy rate decreased 30 basis points quarter over quarter to 11.4%, down 40 basis points from last year at this time. The average asking rent remained flat for the second consecutive quarter as space under construction totaled 1.279 msf in the second quarter, down 1.7% year over year.

In the first half of 2022 low- to mid-rise office buildings (buildings six stories and under) gained 328.6k sf of positive net absorption while high-rise buildings (seven stories or higher) experienced 451.9k sf of negative net absorption. The vacancy rate in low- to mid-rise office buildings registered 10.2% while high-rise buildings showed a much higher rate at 15.9%. Rent in low to mid-rise buildings increased 0.8% to $2.67 per square foot. In contrast, rent for high-rise buildings saw a 0.3% drop year over year to $3.03 per square foot.

Office buildings will continue to see demand improve as the flight quality low to mid-rise office buildings takes shape.

This report was prepared by J.C. Casillas, Managing Director, Research, NAI Capital Commercial

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