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Thursday, January 03, 2008

CRE: O.C. Office Vacancies Rise

by Calculated Risk on 1/03/2008 10:22:00 AM

From Jon Lansner at the O.C. Register: Vacancies up, rates flat for O.C. offices

The county’s vacancy rate ended 2007 at 12.43%, up from 10.53% in Q3 2007 and 7.91% a year earlier.
However, the vacancy rate doesn’t include sublease space — when a company has more room than it needs and is trying to find a tenant to take the extra. Vacancy and sublease space together totaled 17.07% at the end of last year, up from 15.11% in Q3 and 11.50% at the end of 2006.
O.C. office space has been especially hard hit because many subprime lenders were located here. Still, not a good trend.