The US office property market continued on a steady course of progress, shaving another 10 basis points off the vacancy rate for the third consecutive quarter. The benchmark rate now stands at 11.4%. While there are several markets outperforming the national average, net absorption and leasing activity is consistently positive across the country in both primary and secondary markets.
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Marshal Vogt and Jaimeson Hearne of Lee & Associates – Orange’s Office Advisory Group have assisted their client in leasing of office space for a 38 month term. Their client, Vector Marketing, is a direct sales company with over 250 independently run locations throughout the United States, Canada, and Puerto Rico.
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Day in and day out, our job as real estate brokers is to keep our clients up to date on market trends and advise them as to how to leverage the market to meet their long and short term goals. As the market slowly rebounds from the recession, we are left to answer the question, “ Whose market is it anyway? ”
Some brokers will say tenants are quickly losing the strong upper hand they have held since the recession. Others will say that landlords still have to compete aggressively for tenants. The rest of us are left scratching our heads because it cannot be explained so simply these days. In truth, the Orange County market cannot be easily described on a macro level. The tenant vs. landlord tug of war needs to be examined at a micro level and varies submarket to submarket, and at this point, even building to building.
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Marshal Vogt and Jaimeson Hearne of the Lee & Associates – Orange office have closed a 48 month lease on behalf of their client/tenant, Frank Garofalo, D.C.\
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Market indicators show a weakened tenant demand in Q1 but the truth is in the details. Several large tenants have played musical chairs throughout the country and it has painted an unclear picture. Although tenant activity has stalled, landlord confidence has continued to gain momentum and rents continue to rise and while concessions dip.
First-quarter rents countywide are up 6.1% since lease rates bottomed in 2012. Lease rates are likely to continue increasing as landlords push rents to rejuvenate internal growth. The weighted average of asking full-service rents for available space remains 23% off its peak in 2007.
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Lee & Associates Commercial Real Estate Services, Inc., one of the largest national commercial real estate service providers with regional expertise, has completed 39 month lease transaction for a 1,731 square foot suite in a 43,800 square foot office building located at 330 E. Lambert Road, in Brea, California.
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