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.