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Vacancy Up, Absorption Down in OC Offices

ANAHEIM, CA-Sublease space turning to direct space bumps up vacancy by nearly 2% on year-to-year basis, according to a report by Voit Commercial Brokerage.

By Bob Howard | Updated on July 16, 2002

ANAHEIM, CA-Vacancies rose and absorption fell in the Orange County office market during the second quarter, according to a report by Voit Commercial Brokerage, which blames the higher vacancy in large part on former sublease space coming onto the market as direct space.

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.

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