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IRVINE, CA-With Orange County-based companies in a wide varietyof industries continuing to hire highly skilled and educatedworkers, demand for office space will continue,reports Voit Real Estate Services. However, therate of growth is expected to moderate in the coming quarters sincethe bulk of pent-up demand may have dissipated.
The firm reports that office leasing velocityin all size ranges has fallen to an average of about 3.2 millionsquare feet per quarter over the past year, down from about 3.6million square feet per quarter in 2011. This trend will likelyslow absorption in the near term. Also, the amount of subleasespace available has also trended up over the past four quartersafter steadily declining since 2008, which suggests that gray spacemay be on the rise, tempering the need for local tenants to leasemore space, according to Voit.
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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.
