{"id":604,"date":"2016-10-13T14:26:13","date_gmt":"2016-10-13T21:26:13","guid":{"rendered":"https:\/\/www.lee-associates.com\/orange\/?p=604"},"modified":"2017-03-03T16:56:46","modified_gmt":"2017-03-04T00:56:46","slug":"3rd-quarter-2016-oc-office-market-report","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/orange\/3rd-quarter-2016-oc-office-market-report\/","title":{"rendered":"3rd Quarter 2016 &#8211; OC Office Market Report"},"content":{"rendered":"<h3><em>Q3 Vacancies Fall; &#8216;Creative Space&#8217; Lands First Big Lease<\/em><\/h3>\n<p>Strong demand for Orange County office space continued in the third quarter as the vacancy rate settled at 10.3%. There was positive net absorption across all five of the county\u2019s submarkets.<\/p>\n<p>The rate of absorption could be healthier for much of the highly touted \u201ccreative space,\u201d featuring open floorplans and highly designed common areas aimed at companies with younger workforces. In the last two years developers have spent millions of dollars to enhance more than 1 million sq. ft. of existing buildings in hopes of commanding premium rents. But of the largest projects only one, The Habitat in Irvine by Bixby Land Company, is leased up. Bixby signed Karma Automotive for the 242,462 sq. ft. project in August.<\/p>\n<p>There has been a handful of 10,000-sq.-ft to 12,000-sq.-ft. leases, but none yet for the many available 40,000-sq.-ft. to 50,000-sq.-ft. blocks of space. \u00a0One reason could be pricing. \u00a0A project at the Airport is asking $4 per sq. ft. \u2013 more than for some nearby high-rise space. \u00a0Another project in Anaheim is asking $2.85 per sq. ft., nearly equal to asking rates for Class A buildings at the Stadium.<\/p>\n<p>Full Report Available <a href=\"https:\/\/www.lee-associates.com\/orange\/wp-content\/uploads\/sites\/23\/2016\/10\/3Q-2016-Office-Market-Report-OC.pdf\" target=\"_blank\">3Q 2016 Office Market Report OC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q3 Vacancies Fall; &#8216;Creative Space&#8217; Lands First Big Lease Strong demand for Orange County office space continued in the third&#8230;<span class=\"readmore\"><a class=\"moretag\" href=\"https:\/\/www.lee-associates.com\/orange\/3rd-quarter-2016-oc-office-market-report\/\">+<\/a><\/span><\/p>\n","protected":false},"author":28,"featured_media":603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,4],"tags":[17,19,20,23,27,26],"class_list":["post-604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lee-orange-exclusive","category-market-reports","tag-commercial-real-estate","tag-cre","tag-leeassocorange","tag-office","tag-orange-county","tag-quarterly-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>3rd Quarter 2016 OC Office Market Report<\/title>\n<meta name=\"description\" content=\"ORANGE COUNTY, CA - Q3 Vacancies Fall; &quot;Creative Space&quot; Lands First Big Lease. 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