Greater Airport Area Orange County Office Figures Q3 2024

Submarket Highlights

• Renewals by financial service companies and large law firms continued to anchor leasing activity within the Greater Airport Area (GAA) submarket and accounted for the top four deals.
• Asking rates for the submarket ticked up a slight $0.01 to $3.06 FSG per sq. ft. per month quarter-over-quarter. This was the same rate increase year-over-year.
• The submarket accounted for 47% of the county’s overall office market inventory, and vacancy remained relatively stagnant. The vacancy rate increased a slight 10 bps from the prior quarter to 15.5% in Q3 2024.
• There were several large moveouts in Irvine. Engineering consultant firm Stantec moved out of 39,687 sq. ft. at 38 Technology Drive, while educational company McGraw Hill ALEKS moved out of 26,610 sq. ft. at 15460 Laguna Canyon Rd. Primoris Services, a construction and engineering firm, signed 31,706 sq. ft. of space at 7515 Irvine Center Drive.