Scott Wetzel Wetzel: “Looking back at the last correction, companies like New Century and AmeriQuest didn’t put their space on the sublease market or signal a crash was coming. Instead, they acquired space at a rapid rate before ultimately imploding. The very good news is we’re not seeing that trend in today’s direct or sublet office leasing markets.”

IRVINE, CA—Sublease availability has increased in the Orange County office market since 2012, but the drivers behind subleasing are largely threefold, JLL VP Scott Wetzel tells GlobeSt.com.

Recent research from the firm shows that as of July, there are 32 blocks of sublease space of at least 20,000 square feet in Orange County. A majority of the space (677,382 square feet) is located in the Airport Area, with the greatest concentration found in Irvine with 529,040 square feet. South County has the second highest amount of available sublease space with 106,176 square feet. Also, the mortgage industry contributes 167,389 square feet of space to the market, followed by technology (128,064 square feet) and energy/utility (99,301 square feet) companies.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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