IRVINE, CA—The Orange County office marketshowed continued signs of recovery in the third quarter of 2014,posting just under 600,000 square feet of positivenet absorption. The third quarter of 2014 also marked the sixthconsecutive quarter of rising lease rates andoccupancy costs. The average asking full-service gross lease ratefinished the third quarter at $2.04, an increase of 6.81% from2013's third quarter average asking lease rate, according to a newThird Quarter Market Report from Voit Real EstateServices.
“This is good news for the Orange County market overall,”explains Jerry Holdner, vice president of marketresearch at Voit. “The rise in lease rates demonstrates that themarket continues to improve, which further supports the recoverywe've been forecasting for the past 12 to 24 months.”
As a whole, the Orange County office market posted over7.2 million square feet of positive absorptionsince the third quarter of 2010, according to Voit's report.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
