Office availability rate decreases to 20.9% as leasing activity spikes at year-end

In the fourth quarter 2021, the Orange County office market saw a 180-basis-point decrease in the total availability rate from 22.7% reported in the previous quarter to 20.9% at year-end. As the overall economy has reopened and grown throughout the year, some local companies - primarily in the technology sector - have expanded again while most professional services firms remain in wait-and-see mode. With new speculative development mostly limited and some older suburban office properties around the region being demolished and redeveloped to last-mile industrial projects, expect availability levels to slowly decrease next year as more occupiers begin returning to the office.

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