Lucky 13: Market Up After Years of Decline

ORANGE COUNTY, CA-Call it Lucky 13. For the first time in 13 quarters, Orange County’s office market posted positive net absorption, according to a new report from Voit Real Estate Services. Not only that, the Voit report shows the first decline in vacancy since 2006 and marks the second quarter in a row that at least one of the firms tracking the county’s office market showed positive net absorption in its quarterly survey.

Last quarter, CBRE showed a positive net while Voit’s figures still showed a negative net, albeit a much smaller negative number than in previous quarters. This quarter, both Voit and CBRE show positive absorption in the county’s office market, Voit 432,837 square feet on an inventory of 110 million square feet and CBRE showing 519,151 on an inventory of 100 million square feet.