Office availability rate increases to 22.7% in Orange County in the third quarter 2021

The Orange County office market reported a 40-basis-point increase in the total availability rate from the previous quarter to 22.7%. While state and local restrictions on business have largely been eased due to the widespread availability of the COVID-19 vaccine, this remains the highest amount of availability seen in the market since 2012, even with sublease space beginning to level off. Despite rising availability, leasing activity increased to its highest level since COVID-19's onset as area companies are now more optimistic about the overall economy than at any time since the pandemic began. On the other hand, with so much available space on the market, we expect market conditions to remain tenant-favorable for the foreseeable future.

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