Orange County availability increases in Q1, ahead of any COVID-19 related impact

Even prior to the market-wide shut down caused by the rapidly evolving COVID-19 pandemic, the Orange County market saw an uptick in available office options. Overall availability in Orange County ended the quarter at 18.2%, increasing 60 basis points quarter over quarter. With the amount of office space in the development pipeline remaining low, there is very little fear of overbuilding compared to the construction boom seen a decade ago. Class A asking rents ended the quarter at $3.28 per square foot (psf) per month which is effectively flat year over year. Overall asking rents increased to $3.04 psf, an increase of 3.1% over the year. However, in such uncertain economic times, the impact of COVID-19 will undoubtedly result in a sharp slowdown in business activity in the near term.

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