Q1 2015 Office Market Report
As predicted, lease rates continue to push as vacancies decline. Market indicators continue to suggest we are nearing full economic recovery. Orange County vacancy rates drop to 11.5%, a slight decrease over the previous quarter’s 11.7%. Average lease rates continued to climb to $2.13 FSG, up from $2.09 FSG last quarter and $2.00 FSG a year ago. Net absorption for the overall OC market totaled positive 187,669 square feet, a dismal performance compared to positive 1,122,170 SF last quarter.