Tenants Slurp Up Office Space
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|Q2 turned out to be a good one for office landlords in OC. Users absorbed more than 955k SF during the quarter, the highest quarterly total since the hard-to-remember Q3 '05 (anything before the Great Recession is a little murky), according to Voit Real Estate Services.|
|We asked Voit VP of market research Jerry Holdner who's doing all that leasing. “The absorption is spread out, which is good," he tells us. Financial companies, government, pharmaceutical, and tech companies all expanded, taking advantage of the fact that the space is leasing for historically low rates. Some of the major leases during Q2: the federal government, 92k SF in Orange; Greenlight Financial, 81k SF in Irvine; New American Funding, 65k SF in Tustin; Regional Center of Orange, 63k SF in Santa Ana; Allergan, 60k SF in Irvine, ProCon GPS, 57k SF in Irvine; and Ocean View School District, 42k SF in Huntington Beach.|