Orange County office vacancy dropped 120 basis points in the second quarter, hitting its lowest level seen in the past six quarters, according to a market report from JLL.
JLL notes OC’s total office vacancy is now at 15%, while a report from Kidder Mathews indicates the direct vacancy is far lower—around 11%.
Net absorption in the airport area surged 30% in the second quarter over the same period last year, according to JLL, with technology tenants driving leasing activity.
For more on the state of OC’s office market in the wake of the pandemic, see the July 18 Business Journal print edition.
