Orange County Office Leasing Remains Active Despite Headwinds
JLL reports the tech sector drove net absorption in the 2nd quarter for Orange County office space, as leasing activity remained active despite broader economic headwinds. Larger leases in the Airport Area led to a 30% quarterly net absorption increase in that region while the South County area saw its first increase in 6 quarters.
In a continuation of a first quarter trend, businesses preferred office spaces that are less than 10,000 square feet, as those new leases accounted for 62% of Q2 activity. Meanwhile, the overall leasing volume on space over 10,000 square feet declined by 23% compared to Q1.
The JLL report indicates that Orange County is in good position to weather a potential recession with its lowest unemployment rate in 12 years. 7,300 employees were added in office-using industries in April and May, with a majority of those roles in the Profession and Business services sectors.
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.