The office vacancy rate climbed to 14.43% in the quarter, compared with 12.59% rate in the second quarter of 2001.
"This increase can be attributed to a large amount of sublease space hitting the market as direct vacant space, as well as newly constructed buildings being completed," says the Voit report.
The total amount of office space available in Orange County, including both direct and sublease space, increased to 16.41% this quarter from 15.71% in the first quarter of this year.
Space under construction totaled 1.36 million sf in the second quarter, which is approximately half of what was under construction during the second quarter of 2001, Voit says.
Net absorption for the second quarter this year dropped to a negative 383,558 sf, giving Orange County a total of 15,469 sf.
The report lists the average asking full service gross lease rate per month per foot in Orange County as $2.13, down 4.48% from last year s second quarter rate of $2.23.
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