Orange County office availability rate ends 2020 at 20.1% amidst a slowing economy

At year-end, the overall availability rate in Orange County increased an additional 40 basis points (bps) from last quarter to 20.1% and is now at an eight-year high. Due to a resurgence in COVID-19 caseload and lockdown restrictions, local companies have indefinitely extended remote work policies and are delaying their long-term real estate decisions. In addition, slow economic growth has resulted in companies cutting costs, with over 3.2 million square feet (msf) of sublease space now available on the market. Sublease inventory is up 28% since pre-pandemic and is now at the highest level reported in Orange County since Q3 2008.

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