IRVINE, CA—Developers previously stung by the recession continue to approach the Orange County office market cautiously to avoid overbuilding, causing vacancy to tighten further in the region, Colliers International‘s regional director for Orange County Robert Caudill tells We spoke exclusively with Caudill and Colliers’ western regional president Martin Pupil about the state of the Orange County office market.

According to the latest quarterly research report issued by Colliers, of which has obtained an exclusive preview, vacancy rates continued to decline and net absorption posted positive gains for the sixth straight period as those two major market indicators remained in lock-step during the third quarter, again underscoring the growing strength of Orange County’s office market and signaling what could be the largest cycle of new office construction since the recession. Vacancy rates dropped nearly a full percentage point, or 90 basis points, over the previous quarter to 12.6%, the lowest level recorded in 18 months and the sixth consecutive quarter of vacancy-rate declines. Total net absorption remained positive for the sixth straight quarter, as well, totaling 688,800 square feet, with a year-to-date total of nearly 1.1 million square feet.

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