Orange County Office MarketView Insert Q3 2020
October 20, 2020
The sublease market reached 3.1 million sq. ft., adding about 507,000 sq. ft. in Q3 2020 and 984,000 sq. ft. year-to-date.
The Orange County unemployment rate decreased 250 bps month over month to 9.9% in August, below the California rate of 11.6% but above the U.S. rate of 8.5%.
Net absorption in Orange County totaled negative 958,889 sq. ft. in Q3 2020. Many occupiers with near-term lease expirations signed short-term extensions or renewals while waiting to understand the full impacts of COVID-19.