Controlled Delivery Will Aid OC Office

IRVINE, CA—Despite Orange County office deliveries expected to reach close to 600,000 square feet in 2016 and 2.2 million square feet in 2017, completions won’t all come at once, helping absorption to catch up, JLL‘s senior managing director Jeff Ingham tells GlobeSt.com. The firm’s Q4 office report revealed that despite the market recording a slightly negative net absorption during the quarter of -114,776 square feet, 2015 was the fifth consecutive year that experienced annual positive net absorption. Also, total office vacancy has reached 11.8%, the lowest since 2007. We spoke exclusively with Ingham about the relationship between office vacancy, the expected deliveries in the near future and absorption in the market.

GlobeSt.com: What is the relationship between Orange County having the lowest office vacancy rate since 2007 and the ramping up of deliveries between now and the end of next year? How will all these deliveries affect vacancy?