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ORANGE COUNTY, CA-Recovery seems to be hitting the office sector as the amount of vacant and available space decreases and positive absorption comes to the area. As GlobeSt.com reported earlier this week, high demand for class-A space has driven office vacancy rates in Orange County down into the single digits and is spurring significant growth in asking rents, according to Jones Lang LaSalle, and Voit Real Estate Services reports that few new deliveries in the pipeline to apply upward pressure on vacancy means that the market will continue to stabilize.

Jerry Holdner, Jr., VP of market research, and Tony Tran, market research analyst, said in the report, “We foresee an overall increase in investment activity in the coming quarters. Lease rates have begun to firm up, and we expect them to increase in 2013. We should also see an increase in leasing activity as many short-term deals come up for renewal. As job creation continues and consumer confidence stabilizes, the office market will continue to recover.”

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