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Office Insight

United States | Orange County, CA

Report | Orange County Office Insight - Q4 2016

Summary

All five Orange County submarkets saw positive net absorption in 2016, as the Class B market led the way in each except South County. Rising rents caused a tenant shift from pricer Class A buildings to Class B, spurring Class B to five times more positive net absorption than Class A during the year.

The Airport Area submarket ended the year by setting a new monthly average asking rent high of $3.06 per square foot, full service. Its late year push was led by large blocks of space that are currently occupied being listed with top of the market rents. Overall Orange County average asking rents are up more than 37 percent since the end of 2012, but we expect new 2017 construction deliveries to place additional upward pressure on rent prices.

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