Orange County Office Market
| Average Asking Rent (Price/SF/Mo) | $2.79 |
| Vacancy Rate (%) | 17.7% |
| Net Absorption (SF) | -399,329 |
The Press development, now fully occupied by Anduril, was the largest delivery of the quarter, leaving the 190,000-square-foot R&D extension as the sole project under construction in the market. There have been no new construction starts since the groundbreaking of Innovation Office Park six quarters ago.
Download Orange County Office Market Report 1Q23Orange County Industrial Market
| Average Asking Rent (Price/SF/Mo) | $1.62 |
| Vacancy Rate (%) | 1.9% |
| Net Absorption (SF) | -101,384 |
Accelerated demand for logistics facilities triggered record-high construction levels across the market in recent years. Land scarcity, as well as some retailers’ need for last-mile warehousing, has pushed industrial developers closer to densely populated and affluent neighborhoods. Community quality-of-life concerns are mounting, and local municipalities are responding by enacting barriers for industrial developers seeking permits.
Download Orange County Industrial Market Report 1Q23