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Vacancy Rates Highest Since 1997

ANAHEIM, CA-A newly released study of the county's office market by Voit Commercial Brokerage says dot.com failures and corporate downsizing are partially to blame for the increase.

By Joel Cone | Updated on April 03, 2001

ANAHEIM, CA-Vacancy rates in the Orange County office market, which remained relatively stable for all of 2000, took a significant jump during the first quarter of 2001 to the highest level seen since the third quarter of 1997, a newly released study by Voit Commercial Brokerage reports.

Floating in the 9% range last year, rates, which ended the year at 9.27%, increased to 11.55% by the end of the first quarter 2001. Jerry Holdner, VP of market research for Voit, cites the dot-com failure syndrome partially for the increase, along with companies in other industries either relocating, downsizing or just sublease space hitting the market as vacating space.

“I was a bit surprised it took such a big jump in one quarter,” Holdner says. “But with all the new construction it was expected. Even at 11.5% Orange County is still a healthy market. It’s half of what it was at the worst time when the vacancy rates were in the 24% range back in 1993-94.”

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