Q421 Orange County Office Market Report
By the end of 2021, leasing activity totaled nearly 1.9 million square feet and rental performance improved overall, but annual rent growth remained negative or neutral. After trending around the historical average before the pandemic, vacancies have increased over the past year. Compared to neighboring markets, rents are roughly 20% less expensive than the Los Angeles market and are slightly lower than the San Diego market. The average asking rent in Orange County is approximately $0.25 per square-foot less than compared with the national average of $2.83/SF per year.
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