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OC Office Market Stabilizes

ORANGE COUNTY, CA-Despite a dip in average asking rents and continuing high vacancy, the county's office market showed net absorption in the quarter and benefits from a better employment picture than much of the region.

By Bob Howard | Updated on October 30, 2002

ORANGE COUNTY, CA-The Orange County office market continued its recovery in the third quarter, according to a new report by CB Richard Ellis, which says the county showed positive absorption and stabilized vacancy rates.

Office employment increased by a total of 500 jobs for the second consecutive quarter, despite a 1.4% decline in the total employment throughout the county, the report says, while construction dropped to 1.2 million sf, compared with 3.3 million sf in the third quarter of 2001

.The study showed 294,344 sf of net absorption for the quarter, bringing the year-to-date total for the county up to 448,359 sf, while the amount of space that was physically vacant remained unchanged at 15.6%. The availability rate dropped in the third quarter to 19.6%, down from 20.4% in the second quarter.

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