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County Office Market : Office Vacancy Rate Dips 0.5%

There were a couple of snippets of good news for office landlords in a recent survey by Coldwell Banker.

The firm’s second-quarter survey of county commercial real estate showed that the office vacancy rate declined slightly, to 21.5% from 22% in the first quarter, and the average asking monthly lease rate rose 9 cents, to $1.62 per square foot.

The vacancy rate has been above 20% since the 1986 first quarter, according to Coldwell Banker, which estimates a three-year supply of existing office space in the county.

The firm expects 3.6 million square feet of space to be added in 1989.

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Net absorption of space in the recent quarter was 694,608 square feet, a 1% drop from the first quarter.

SECOND QUARTER OFFICE MARKET BY CITY

% Buildings Existing Total Vacancy Under Total City Buildings Sq Feet Rate Construction Sq Feet Anaheim 49 2,682,324 26.50 1 60,000 Brea/La Habra 22 1,687,035 24.22 -- -- Buena Park 11 652,504 51.59 -- -- Costa Mesa 38 4,411,051 24.97 2 200,000 Fountain Valley 14 735,939 17.24 -- -- Fullerton 16 923,385 9.07 -- -- Garden Grove 8 862,721 9.20 -- -- Huntington Beach 25 1,442,874 25.57 1 55,000 Irvine 76 4,457,532 23.89 13 1,333,132 Irvine Industrial 41 1,852,013 17.95 -- -- Los Alamitos 13 666,512 26.36 -- -- Mission Viejo 23 758,726 7.79 2 214,158 Newport Beach 61 2,948,937 17.96 11 347,022 Orange 47 5,095,873 22.15 -- -- Placentia 4 155,868 66.05 -- -- Santa Ana 78 5,604,748 22.75 4 143,490 Stanton 2 82,424 17.70 -- -- Tustin 32 820,358 17.57 -- -- Westminster 10 369,846 19.01 -- --

Source: Coldwell Banker

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