April 5, 2016 Comments Off on OC Office Rental Rates Pushed up by New Deliveries Views: 683 California, California News, Orange County, West

OC Office Rental Rates Pushed up by New Deliveries

Office rental rates in Orange County rose in Q1 2016, a trend projected to continue throughout 2016, according to JLL’s Office Insight report. Higher rates of existing space, as well as new building deliveries are driving up rents.

The Airport Area submarket recorded occupancy gains of 194,868 square feet during the first quarter of 2016, roughly 85 percent of OC’s net absorption total.

Vacancy rate for the overall market increased 20 basis points to 11.2 percent from the previous quarter, due to the delivery of 574,252 square feet of new space.

More than one million square feet of office space is under construction with none of it preleased. New building deliveries include: 200 Spectrum Center, and The Source Tower in Buena Park.

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