Space Additions are Equally Distributed by Sector

Each of the three Orange County property sectors (office, industrial, flex) added sublease space in the range of 100,000 to 150,000 square feet in February. This is the first time space additions have been evenly distributed among the property sectors since the onset of the pandemic, according to a recent report by JLL. While space givebacks were on a downward trend, February sublease availabilities increased from the previous 11-month average.

During this time period, the 48 sublease spaces added to the market since the onset of COVID-19 have been removed, a 23 percent increase in removals from the month prior. While sublease space did increase in the month of February, it came from larger-sized leases. With market conditions showing signs of reaching more stable grounds, the decline of the last few months is expected to continue.