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5M SF of Office Space in the Pipeline

ORANGE COUNTY-The county's office market is experiencing near record low vacancy rates, at 7.5% but that will change once new product becomes available, rising back to 10%.

By Daniel D. Williams | Updated on October 05, 2006

ORANGE COUNTY-Office product locally is experiencing a boom. According to a report by Voit Commercial Brokerage, the county has roughly five million sf of office space in the pipeline. That number is almost three times the amount in play at the same time a year ago.

Jerry Holdner, vice president of market research with Voit, tells GlobeSt.com that of the space coming on line, three million sf is class A, with the remaining two million sf made up of class B space.

The five million sf in play is expected to hit the market in the next 18 to 24 months, according to Holdner. “The space is mostly in the Airport and South County markets.” Of the space, roughly 2.8 million sf is in and around the Airport with the remaining development going up in the South County, where the product is divided fairly evenly between the Irvine Spectrum and Aliso Viejo markets.

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