Author: Tucker Hughes
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Orange County Office & Industrial Markets Had Little Volatility as Year Ended
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The Orange County office and industrial markets had remarkably little volatility throughout 2019. The county’s 159 million square feet of office space hovered between 9.7% and 10.1% for the entire year, ending at 10.1%. The average gross rental rate per square foot also remained constant, staying at $2.66 per square foot for nearly the entire duration of…
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The Orange County office market currently sits at a 10.2% vacancy mark with a quick increase in new, relet and sublet space. The average asking rent in Orange County has increased very slightly up to $2.60/SF gross, which is up a penny from the previous quarter. We have seen the “flight to quality” continue throughout the region with tech and…
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The second quarter of 2019 proved that we are still moving forward–slowly. The office sector vacancy rate entered single digits, landing at 9.9%, which is a slight decrease from Q1’s metric of 10.1%. Some of the larger tenants in the market finally landed, and played an outsized role in the decreasing vacancy figures.
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The Orange County commercial real estate market remained strong through the final quarter of 2018. However, certain conditions–such as increased sublease availability and a slew of new construction–could signal that a market slowdown is looming.
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It’s official—the 3rd quarter ushered in a new high for Orange County’s commercial rental rates at $2.56 per square foot for office space and $1.11 per square foot for industrial product. While the highs are new, the appreciation didn’t occur overnight. Over the last several years, we’ve witnessed strong tenant demand pushing developers to build more buildings.
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We’re officially more than half way through the year and the Orange County commercial real estate market just wrapped up yet another strong quarter as we head into the summer months with solid footing.
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Orange County’s commercial real estate market continued to show its strength through the first quarter of the year posting positive metrics across the board. Developers remain bullish as their 1.93 million square feet of speculative new development underway (combined office and industrial product) is already 65% pre-leased, continuing to validate their “build it and they will come” thesis. Despite an…
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The Orange County commercial real estate market continued to show its strength through the end of 2017, with a positive net absorption of 306,000 SF in Q4 and 492,000 SF for 2017 overall. While not anemic, the absorption rate slowed dramatically from the prior 12-month period, largely as a result of new construction in the region. Asking rental rates saw…
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Don’t get too excited yet, the Orange County commercial real estate market is still a landlord’s market. Strong employment growth from a diversified employment base is fueling demand, but a lack of existing inventory in an already-tight market chokes tenants’ optionality, continuing to push rental rates upward.
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One of the most impactful decisions a student can make after college is selecting a career path. Stressful? Yes. Intimidating? Definitely. Life changing? Absolutely. But where do you begin? While the feat may be intimidating, the path to getting there is obvious: do absolutely everything you can now to prepare yourself for success in the future. Feeling overwhelmed? You’re not…
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Rents across both office and industrial real estate in Orange County continued to rise through the end of the first quarter with vacancy rates remaining essentially flat. More specifically, we experienced average office rental rates moving from $2.33 to $2.40 per square foot countywide and industrial/flex rental rates moving from $0.88 per square foot to $0.90 per square foot. If…