ORANGE COUNTY, CA—Orange County started 2024 with an unemployment uptick in the first quarter, according to a recent office report from JLL. More than 2,000 payrolls were eliminated in office-using industries during the first two months and along with job cuts, leasing volume declined 10% quarter-over-quarter.
Their report notes that tenants in financial services and professional and business services sectors were behind most of the new leases during the quarter with net absorption in Orange County remaining negative in Q1.
According to Chi Qi, JLL Senior Research Analyst, the highest amount of negative net absorption was concentrated in Irvine. "A tech and a healthcare tenant contributed to the most space give-backs during the quarter," she says. "Despite these two sublease additions, the overall sublease availability has declined for three consecutive quarters in the county."
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