"The bottom is nearing—hopefully. It looks like the worst has passed, " says Michael Gold, a regional analyst for Colliers.
The report shows 1.3 million sf of negative net absorption for the year, however 1.1 million sf of that came in Q1, with 229,000 of negative absorption in Q2, Gold points out. In the second half of 2007, Orange County experienced 1.5 million sf of negative net absorption. "This quarter we're still negative, but it's not nearly as bad as what we've been seeing in the past year," Gold adds.
The airport submarket was the only area in Orange County that recorded positive absorption, but it was up only slightly, while the central area—Santa Anna, Anaheim and Orange—had the most negative absorption, at 350k sf.
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