by Calculated Risk on 7/17/2008 09:17:00 PM

From Jon Lansner at the O.C. Register: O.C. office construction plummets 91%

Voit Commercial Brokerage reports that construction of O.C. office buildings plunged 90.8% in the second quarter to 325,276 square feet. Last year in the second quarter, 3.5 million square feet was under construction.
...
All the added space pushed the second quarter office vacancy rate to 14.46%. A year [ago], vacancies were at 8.95%. ... “You have two negatives — a lot of new product without tenants and you have got an economic slowdown,” says [Jerry J. Holdner Jr., Voit vice president of market research].

Take a drive at sunset down the 405 and you will see through a number of new buildings. Nice shiny empty glass towers ...