Office availability rate increases to 21.4% as leasing activity slows in the second quarter

In the second quarter 2022, the total availability rate in the Orange County office market increased 60 basis points (bps) from 20.8% reported last quarter to 21.4%. The increase in availability is primarily contributed to a slowdown in leasing activity and an increase of available subleases that have been added to the market. With the hybrid workplace here to stay for now, occupiers are reevaluating their office space footprints to best fit their needs and future business plans. During the second quarter, some occupiers have decided to downsize their office space which has led to an increase in sublease availability. Both occupiers and landlords will have to continue to work hard at innovating new ideas to get employees back into the office.

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