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JLL: OC Office Vacancy Remains Below National Average

JLL: OC Office Vacancy Remains Below National Average

Real estate services company JLL has released a Q4 report on industry trends in Orange County, CA, and the results are a mixed bag in a challenging economy. The office sector is still in recovery mode, with remote work well above pre-pandemic levels, however those jobs have declined more than half since May 2022. Meanwhile, office vacancy in the OC is still a hefty 16.5%, but below the national average of 19.2%.

Office sublease availability has hit a record high of 3.78 million square feet, a new historical high, surpassing 2008’s peak by 18%. Professional & business services accounted for most of the office leasing activity in Orange County in 2022, at 22%.

The industrial sector continued to thrive in 2022, with positive absorption of 1.6-million-square- feet and 4.3-million-square-feet of space under construction. Multifamily rent soared in 2022, reaching a record high of $2,732-per-month, placing Orange County as the 9th most expensive rental market in the U.S.


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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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