Orange County availability rate now at an eight-year high as sublease space continues to rise

In the third quarter, Orange County’s overall availability rate increased 140 basis points (bps) over last quarter to 19.7%, which is now the highest reported since 2012. Class A availability increased 180 bps over the same period to 22.2%, a seven-year high. Due to the sharp contraction in business activity over the past six months, many area occupiers have focused on cost reduction (including real estate costs) leading to over 3.1 million square feet (msf) of sublease space coming available on the market, up 24% since the lockdowns began and the highest level reported in Orange County since 2008.

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