Commercial Real Estate Market OutlookQuarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Orange County Office Market Report (Q1 2021)28 Apr 2021
Orange County office fundamentals off to slow start.
During the first quarter, OC’s unemployment rate dropped to 6.8%, per the latest data from the Bureau of Labor Statistics for the month of February. A marked improvement from last year’s decade high of 14.4% and lower than 7.3% from this past January. However, the impact of the pandemic continues to influence the entire Orange County office market.
- 6.8% Orange County Unemployment Rate as of February 2021
- (952,873) SF Year to Date Negative Net Absorption
- 13.3% Total Vacancy Rate increased from Q4 2020
- 489,206 SF Under Construction Current Quarter
- $2.73 PSF Weighted FSG Average Asking Rental Rate