Orange County Vacancy Levels, Leasing Increase

While this year’s Orange County office building vacancy level has increased by about 5% to 25%, lease rates have increased by 7%, according to Burke Information Services, an affiliate of Burke Commercial Real Estate, of Irvine.

The vacancy level may continue to increase slightly because of the completion of several high-rise office buildings, the survey said.

Average lease rates increased from $1.67 to $1.79 a square foot. Between 1985 and 1986 lease rates increased only 3%. Existing buildings in Newport Beach had the highest lease rate at $2.07, followed by Costa Mesa at $2.01. El Toro had the lowest rate at $1.05.