Q1 2022 Office Market Outlook – Orange County
Orange County’s office market offered up more space as companies strived to bring their people back into the office after the pandemic shutdown. The vacancy rate inched upward as demand for office space waned across the region in the first quarter, since seeing a reduction in the fourth quarter of 2021. Many submarkets lost gains in occupancy as the vacancy rate increased 20 basis points quarter over quarter to 12.0 percent, down 20 basis points from last year at this time. The average asking rent remained flat over the previous quarter as space under construction totaled 1,283,563 square feet in the first quarter, up 7.4 percent year over year.