Check out Voit’s latest Southern California office market vacancy and rents for Q3 2018
The map reflects year-to-date, not quarterly numbers. The Orange County office market fairs well compared to the entire Southern California office market, with average vacancy rates across Classes A, B and C, comparable to Los Angeles and San Diego counties at 11.8%. Average Class A office space in Orange County currently suffers from the highest vacancy rate at 15%.
Orange County also compares well on average asking office rents compared to the rest of the Southern California office market, at $2.72 PSF/mth full service gross. Average asking Orange County Class A rents are approximately 10% below those of Los Angeles County and San Diego County.
Interestingly, the average vacancy rate for Class C office, the most affordable office class, is extremely low across the entire Southern California office market, at approximately 5%. This is due to significant increases in asking office rents over the past few years, driving small businesses towards the cheapest deals, with an average asking Class C lease rate as low as $1.81 PSF/mth in Orange County.
This data clearly shows opportunities for value plays in Class A office space in Orange County, We’re generally seeing a shift from Class A to new low rise product in the Orange County office market, so there are plenty of value deals to be had in Class A’s if you can find them.