Orange County Office Market: Q4 2014 Recap

Posted on April 19, 2015 · Posted in Analysis

Orange County saw yet another strong quarter as the office market had a banner 2014. For the year, overall net absorption in Orange County was a staggering 2.6 million square feet and was the largest total recorded in the last 9 years. Even more amazing is that Q4 net absorption was 100,000 square feet more than what was recorded in 2013.

Part of the growth is the emergence of other business sectors in the office space market. Before the recession, tenants were primarily in the mortgage or financial/investment sector whereas now we have a diverse market including a strong presence of legal, medical, education, bio-tech and software companies.

As with any office market, the biggest driver will be the microeconomic climate and a lower unemployment rate combined with educational and health services growing 5.9% year-over-year and contributing more than 10,000 new jobs to the area. Other sectors had strong job growth as well and overall 32,000 new jobs were added to the local economy between November 2013 and November 2014.

As the office market continues to see tremendous growth, there are still great opportunities out there for companies looking for medium to large sized spaces. Contact Synergy Real Estate Group today to learn more about leasing opportunities in any area submarket.

Photo credit: Chris