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ORANGE COUNTY-The countywide vacancy rate has increased by more than 1% over the last quarter, according to a recently released report by Voit Commercial Brokerage.

The vacancy rate has risen from 11.55% in first quarter 2001 to 12.59% in second quarter 2001, the report says.

Various factors have contributed to the increase in vacancy, including the new product that has recently come online and the large amount of sublet space that has been dumped onto the market, the report says. Office product will continue to flood the market, as nearly two and a half million sf of product was under construction in the second quarter of 2001.

The total amount of available office space in the county jumped from 15.68% in the first quarter of 2001 to 16.51% in the second quarter. However, net absorption has picked up a bit, as the county experienced 110,278 sf of positive net absorption for second quarter 2001.

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