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Orange County office availability rate up to 21.6% with the start of 2021
Despite Anduril Industries signing one of the largest office leases in Orange County history in Q1 2021, market availability continued to climb reaching 21.6% this quarter, up 150 basis points (bps) from Q4 2020. With available sublease space now totaling over 3.2 million square feet (msf), sublease inventory has increased 31% from pre-pandemic levels and is at its highest since Q3 2008. As the state continues to relax COVID-19 lockdowns and vaccine availability has become more widespread, there has been a marked increase in tour activity and inquiries – a positive sign for demand recovery to come.