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The Orange County office market ended 1Q 2019 in a strong position. The average asking rent rose to the highest level on record while the vacancy rate inched up with construction added to the inventory. The average asking rent increased 1.1% over 4Q 2018 and 3.3% year over year to $2.78/SF. The vacancy rate was 10.0%, up 10 bps over the prior quarter as 343,141 SF of new construction was added to the market. Over half of the new office space delivered this quarter remained available. The construction pipeline totaled 1.2M SF in 14 projects with 82.8% of the space available for lease. Several major projects totaling 625,657 SF broke ground this quarter. The largest construction project, The Press in Costa Mesa, is a 432,495 SF redevelopment to turn the former LA Times printing facility into a mixed-use creative office/retail space by 1Q 2020. Orange County has the lowest unemployment rate in Southern California. According to the Los Angeles County Economic Development Corporation (LAEDC), Orange County will add 22,700 new jobs in 2019 – mostly in education & health and professional & business services sectors, which bodes well for the office market.

NAI Capital
J.C. Casillas
Vice President
NAI Capital
15821 Ventura Blvd., Suite 320
Los Angeles, CA 91436

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No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

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