Orange County Office MarketView Insert Q1 2021
April 16, 2021
Net absorption decreased from negative 1.5 million sq. ft. in Q4 2020 to negative 90,350 sq. ft. in Q1 2021 -- the lowest figure since Q1 2020.
The overall average asking lease rate stayed at $3.00 per sq. ft. per month. As concessions increase, the effective rents will continue to trend downward.
Phase II of Spectrum Terrace was completed and added 344,353 sq. ft. to the project. At 84% leased, companies are already flocking to 17400, 17500 and 17600 Laguna Canyon Rd in Irvine.