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
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
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.