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Office vacancy stabilizes on the heels of strong job growth

  • Since The Great Recession, Orange County’s economy has significantly diversified. This job growth has led to lower vacancy rates and higher rents, with companies from multiple industries absorbing space. Monthly average asking rents have reached $2.78 full service gross, per square foot, passing the previous 2007 peak of $2.74.
  • Job sectors have seen their employment numbers rise, with the exception of Financial Activities. Leading up to the recession, Financial Activities (primarily the mortgage industry) was responsible for much of the job growth and office occupancy at that time. This dependency left Orange County vulnerable to the recession.
  • The economic diversification has placed the Orange County economy and office market in a more balanced position than in 2007.​

Source: JLL Research, California EDD​

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