Orange County Office Market is Recovering

What used to be one of California’s major office market, suffered a strong hold back in 2010 due to the recession. A few years ago construction was at its peak but suddenly projects had to be canceled, vacancy rates went up to a high of 21% in the third quarter of 2010 (the highest since 1991) and prices started to go down.

But this year, the tendency is slowly starting to change. According to real estate experts REIS REPORTS, vacancy rate is descending slowly and is expected to be near 19% by the end of the year. Although construction is still in halt, developers are waiting for a better signal to start new projects.

As for prices of office space in Orange County, some believe there is still some time to find a good deal and lock it for a few years, while others assure that landlords are starting to increase prices as the economy recovers.

Most of the current office providers are keeping on renewals rather than new deals but some others have decided to look for new tenants and are offering specials, promotions and free months in an effort to alleviate the hold back.

   

Don’t wait for prices to go up!

If you’re looking to relocate or your lease is about to end, you might want to shop around and see what’s being offered. Give us a call or visit us at OfficeList and we’ll guide you through the office search process for no cost.