Orange County Office Market
| Average Asking Rent (Price/SF/Mo) | $2.78 |
| Vacancy Rate (%) | 16.1% |
| Net Absorption (SF) | -270,734 |
Terran Orbital, a leading provider of nano- and micro- satellites, signed the quarter’s largest lease for 89,068 square feet of sublease space, previously occupied by software developer Cylance, at 400 Spectrum Center Drive. The company plans to house more than 400 employees from its satellite, engineering and development teams in its new Irvine Spectrum location. Irvine Spectrum continues to evolve as the metro’s premier employment hub as it attracts a growing technology and life science tenant base.
Download Orange County Office Market Report 3Q21Orange County Industrial Market
| Average Asking Rent (Price/SF/Mo) | $1.27 |
| Vacancy Rate (%) | 2.3% |
| Net Absorption (SF) | 656,963 |
Orange County’s net absorption would have surpassed 1.0 million square feet had Ricoh Electronics not vacated 500,625 square feet in Tustin in a downsize-relocation move to the Inland Empire. While the Inland Empire historically functions as the catcher’s mitt for Los Angeles and Orange County distributors that want to expand or consolidate operations at competitive rental rates, this is changing.