Absorption Up, Vacancy Down in OC

ORANGE COUNTY, CA-The office picture is brightening in Orange County as the final quarter of 2012 saw nearly 500,000 square feet of positive net absorption, according to Voit Real Estate Services‘ fourth-quarter market report. In addition, the industrial market here posted one of the lowest vacancy rates seen in 15 quarters, finishing the year at 4.68%.

“These are encouraging numbers across the board, and we anticipate that this improvement will continue steadily throughout 2013,” said Jerry Holdner, VP of market research at Voit, in a prepared statement. “The big news is that lease rates have likely hit bottom in the office market, where class-A product is leading the recovery, and low vacancy and availability are driving up value and rental rates in the industrial market.”