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The office supply in Orange County has increased 110 basis points to 19.9% in the first quarter of 2018, according to a new office report from Savills Studley. During the quarter, the availability of class-A office space increased 180 basis points to 21%, while the availability of class-B and class-C office space increased only 20 basis points 18.6%. Leasing activity also fell during the quarter with only 1.4 million square feet of office space signed, well below the long-term quarterly average of 2.1 million square feet in the market.

“The biggest drivers behind the increase in available office space are the one million square feet in late-stage development, plus the five buildings totaling more than 500,000 square feet that were recently added to the inventory,” Matt Wiley, corporate managing director at Savills Studley, tells GlobeSt.com. “Additional factors include some large subleases hitting the market, and relocations resulting

in a net decrease in space occupancy rather than an increase, likely due to a more efficient use of space.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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