Office Leasing Record
From staff reports
A record 3.9 million square feet of office space was leased in Orange County in the past year, according to a survey by Newport Economics Group.
Most of the space, said the firm’s president, Robert Dunham, was leased by large companies currently located in Orange County and expanding.
Almost as much office space was built last year as was leased, Dunham said, so vacancy rates remained relatively high, registering 19.4% at the end of the year.
As before, the John Wayne Airport area had the most construction and the most new tenants, but Irvine Spectrum has 1 million square feet under construction already committed to major tenants, he said.
