1st Quarter 2016- Orange County Office Market Report
So far the softening in office expansion has not dampened overall rent growth which has been averaging about 10% per year. Rent remains about 12% below their overall record high. Speaking of record highs, the Irvine company recently leased the top floor of its new 21-story tower at 520 Newport Center Drive for a reported $8.50/SF. The new building across from Fashion Island is the first multi-tenant tower added to the posh office and shopping district in nearly 30 years. -Lee & Associates, Inc.