Orange County Office Figures Q3 2021

July 20, 2021

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Flight to quality remained a key theme of Q3 2021 as employees want to work in recently renovated buildings with surface parking and amenities.

The overall average asking lease rate dropped $0.01 quarter over quarter to $2.94 per sq. ft. per month, the lowest rate since Q3 2018.

Overall vacancy decreased 70 bps quarter over quarter to 12.3%. The first decrease in a quarter since the pandemic started at the end of Q1 of 2020.

Stable deal velocity during the summer months carried over after Labor Day, resulting in positive 112,680 sq. ft. of net absorption in Orange County, the highest amount since Q3 2019.