ORANGE COUNTY, CA-The county’s office market continued to struggle in the third quarter, posting negative net absorption for the third straight quarter this year in response to the ongoing effects of the credit crunch and the mortgage meltdown. Despite the signing of some large deals during the quarter, the office market overall registered higher vacancy, lower asking rates and an increase in total space available.

Third-quarter statistics from Voit Commercial Brokerage showed the county’s office market posting 361,184 sf of negative net absorption in the third quarter, while CB Richard Ellis reported negative net of 392,000 sf. Voit lists the direct vacancy rate at 14.85%, including both direct and sublease space that’s empty, compared with last year’s third-quarter rate of 10.53%; CBRE calculates the vacancy rate at 15.4%.

The two firms come in very close on the overall availability of space, too. Voit pegs it at 20.95% for the third quarter, up from 15.11% in the third quarter of last year, while CBRE figures it at 20.6%. The figures vary slightly because the two firms track different inventories, with Voit listing nearly 108 million sf of office space in the county and CBRE tracking about 100 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.