ANAHEIM, CA—The Orange County office market continued to improve in 2015, posting over 850,000 square feet of positive net absorption for the year, according to a new report from Voit Real Estate Services. The fourth quarter of 2015 marked the eleventh consecutive quarter of rising lease rates. The average asking full-service gross lease rate finished the fourth quarter at $2.26, an increase of eighteen cents from 2014's average asking rate, according to a new Fourth Quarter Market Report from Voit Real Estate Services.
"This is great 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."
Demand for Office Product Increases
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
