County’s Office Leasing Market Called Healthiest

The Orange County office leasing market is the healthiest in Southern California, according to a survey released by the Irvine office of Grubb & Ellis Co.

The commercial real estate brokerage firm surveyed all of the Southern California counties during the third quarter and found that of 10.2 million square feet of previously vacant office space rented during the first nine months of the year, Orange County, San Diego County and West Los Angeles have accounted for 6.2 million square feet.

And Orange County office rentals accounted for 2.6 million square feet, or 25.5% of the total, the survey found, double the rental pace set in the county last year.

With almost 6 million square feet of vacant office space available in the county, tenants see “an opportunity to get some reasonable rental packages, reasonable tenant improvement packages and excellent locations to expand their presence in Orange County,” said Phillip D. Royster, senior vice president for Grubb & Ellis’ regional commercial brokerage operations.