The Orange County office market is growing rapidly as demand increases and space dwindles. JLL, a commercial real estate brokerage firm, reports that the average asking rent has increased by 12% in a year. The average price per square foot is the highest it has been in six years at $28.59.
Jay Carnahan, Senior Director of the Irvine-based Orion Partners, told Connect Media, “The Orange County office market may be on the threshold of moving to a new plateau, finally rivaling the rental pricing established in other core West Coast markets. This historic level pricing will serve as a base going forward and will rival the peak pricing anticipated for pre-leasing in new developments.”
The last time the county experienced such low vacancy rates (11.7% for first three quarters of 2015) was in 2007.