Demand Keeping Pace With Supply of Office Space, New Report Says

ORANGE COUNTY, CA-The number of companies leasing office space in the county expanded faster in the first three quarters of 2000 than at anytime in the past decade. According to ta third-quarter market report, scheduled to be released next week by Voit ommercial Brokerage of Woodland Hills, net absorption of available office space in the county totaled 2.8 million sf through September. By year-end, absorption isexpected to run more than 3.5 million sf.

“What’s going on now is demand is keeping pace with supply. We had 2.8 million sf of positive absorption and 2.7 million sf of space deliveredto the market,” says Jerry Holdner, VP of market research for Voit and the report’s author. “So developers are happy because they’re not overbuilding.”

Holdner attributes such a dramatic increase in absorption to new business startups and existing business expansion, rather than business moving into the county.