South Orange County Office Figures Q3 2024

Submarket Highlights

• The vacancy rate dropped 30 bps from Q2 2024 to 13.0% in Q3 2024 as a variety of tenants moved into the submarket. The availability rate also dipped by 30 bps from the prior quarter to 23.0% in Q3 2024.
• Asking rates remained flat at $2.76 FSG per sq. ft. per month quarter-over-quarter, and down $0.09 from $2.85 year-over-year. This was the third straight quarter rates remained flat overall in the submarket.
• Class A space continued to command a rate above of $3.00 at $3.03 FSG per sq. ft. per month, down $0.01 from Q2 2024. Class B rates remained consistent at $2.36 FSG per sq. ft. quarter-over-quarter.
• Approximately 200,000 sq. ft. of sublease space came on market during Q3 2024 as companies like Midas Technology at 48 Discovery in Irvine left their spaces. This brought the available sublease total to over 830,000 sq. ft.