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Orange County Office Market Report

3rd Quarter 2025

Posted In — Market Research | Market Report
3Q 2025 Orange County Office Market: Key Data Points

Explore our full Orange County industrial market review for deeper insights into leasing trends, sale activity, and submarket performance.

  • Vacancy Rate Improves: Direct vacancy declined to 11.8%, down from 12.0% in Q3 2024.
  • Leasing Activity Totals 1.6M SF: Irvine Spectrum, Mission Viejo, and Costa Mesa led leasing momentum.
  • Net Absorption Turns Positive: Net absorption reached 640,722 SF, reversing prior negative trends.
  • Average Asking Rent Declines Slightly: Full-service asking rent averaged $2.77/SF, down 1.07% year-over-year.
  • Limited New Construction: Only 399K SF of office space remains under development across the county.
  • Class A Space Commands Premium: Asking rents for high-end space average $3.20/SF, supported by incentives and amenities.

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