O.C. Office Vacancy Rates Drop to 10.6%

Orange County’s office vacancy rates were at their lowest level in 16 years, thanks to a flurry of leasing by growing companies and a lack of new construction, according to a report. The overall office vacancy rate for Orange County dropped to 10.57% at the end of June from 14.73% a year earlier and is expected to tighten further this year, according to the report released by CB Commercial Real Estate Group Inc. “Supply is going to be drying up. There is only so much space available in desirable markets,” said Sheri Cameron, CB Commercial’s research director.