Orange County Office Leasing Sets Record Pace

Orange County office space leasing reached a record 3.4 million square feet during 1986, according to Robert Dunham, president of the Newport Economics Group.

Continued growth in the finance, insurance, real estate and professional services groups led to a 112% increase in space absorption over 1985.

Space under construction declined nearly 20% during the year to reach 5.7 million feet at year-end. Total space planned for construction start within the next 18 months remains stable at 7.3 million feet.

The Newport Beach-based research firm indicated that demand for research and development/corporate headquarters space had remained stable at 2 million feet for 1986, on par with the total for the prior year.