Orange County, CA, (July 05, 2012) – In the second quarter of 2012, the Orange County office market posted 955,283 square feet of positive net absorption - the most positive net absorption seen in a single quarter since the third quarter of 2005, according to the Second Quarter Market Report from Voit Real Estate Services.
In addition, both vacancy and availability decreased from the previous quarter.
“The Orange County office market is showing significant improvement with strong indications that this recovery will continue,” said Jerry Holdner (top right photo), Vice President of Market Research at Voit. “Even after this quarter’s substantial positive absorption, we expect to see more positive absorption in Q3 and Q4 of this year.”
Orange County business expansions will contribute to this increase, according to Holder, who noted that major companies are currently growing their footprints in the market.
“There are already commitments which will affect office absorption in Q3,” explained Holdner. “CoreLogic will move into a 170,000 square-foot office space in the Spectrum in August of 2012, while A to Z Development, which occupies 23,000 square feet in the same building, will expand to 82,000 square feet.”
For a complete copy of the company’s news release and report, please contact:
Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940
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