Orange County’s office market is beginning to recover, according to a new report from JLL. In the fourth quarter, leasing activity increased for the second consecutive quarter, with the total available space decreasing by 7% quarter-over-quarter and the office vacancy rate decreasing by 80 basis points.

At the end of the year, technology and automotive companies lead the leasing demand, accounting for 40% of all new office leases. The largest lease transactions in the market were largely signed by technology companies. Anduril signed a lease for 639,206 square feet at 1375 Sunflower Ave. in Costa Mesa; Verizon Communications signed a 119,049-square-foot lease at 15505 Sand Canyon Ave. in Irvine; and Bandai Namco Games signed a deal for 69,647 at 15550 Sand Canyon Ave. in Irvine.

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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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