Orange County Office Leasing Sets Record

A record 3.25 million square feet of office space was leased in Orange County during 1984, slightly more than the 3.17 million square feet leased in 1983, but short of the projected 3.4 million.

In its report, the Newport Economics Group Inc. of Newport Beach added that the demand pushed the amount of vacant space down to 3.7 million square feet. The current vacancy rate is 12.1%, compared with 17.5% a year ago.

Space under construction increased more than fourfold during 1984, from 1.5 million to 6.4 million, which represented an all-time high for the county. The months of available inventory rose to 16.8, below the peak years of 1980-81.

The group’s survey indicated that the John Wayne Airport area accounted for 43% of the activity; the west county area for 18.5%; the central county for 17%, and the north and south county areas each for 11%.