Voit: Office Market Continues to Improve

IRVINE, CA—The Orange County office market showed continued signs of recovery in the third quarter of 2014, posting just under 600,000 square feet of positive net absorption. The third quarter of 2014 also marked the sixth consecutive quarter of rising lease rates and occupancy costs. The average asking full-service gross lease rate finished the third quarter at $2.04, an increase of 6.81% from 2013′s third quarter average asking lease rate, according to a new Third Quarter Market Report from Voit Real Estate Services.

“This is good news for the Orange County market overall,” explains Jerry Holdner, vice president of market research at Voit. “The rise in lease rates demonstrates that the market continues to improve, which further supports the recovery we’ve been forecasting for the past 12 to 24 months.”