Q322 Office Market Report

With the continuation of remote and hybrid work, vacancies have remained elevated at 12.0%. Office class segments, from the high-end to garden variety, have seen occupancy losses of more than 1 million square feet since spring 2020. Though some decision-makers have become more comfortable making long-term leasing commitments. The past four quarters recorded the highest level of new leasing activity since spring 2020 with more than 2 million SF of new leases signed during each of them. Both Irvine and the Irvine Spectrum paced new leasing activity in the past 12 months with many tenants seeking out high-end office space in well-located areas close to amenities.

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