Orange County office availability rate up to 22.3% at mid-year 2021

In the second quarter of 2021, the Orange County office market saw overall availability increase to 22.3%, up 70 basis points (bps) from last quarter, and 400 basis points over the year (compared to 18.3% at Q2 2020). While this is the highest amount of availability seen in the market since 2012, the amount of sublease inventory seems to be leveling off with 3.3 million square feet (msf) currently available to sublet. With state and local public health departments easing business restrictions that have been in place for over a year, leasing activity is expected to increase again in coming quarters as office-using employment growth recovers and organizations re-occupy space that was unused during pandemic lockdowns.

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