Vacancy Rate Down: The office vacancy rate...
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Vacancy Rate Down: The office vacancy rate in Orange County fell slightly during the second quarter compared to the same period last year, CB Commercial Informational Services Group reported Monday. The vacancy rate for April through June was 16.59%, down from 17.48% for the second quarter of 1993.
“This isn’t a robust recovery, but the market is continuing to heat up,” said W. Brett White, managing officer of CB Commercial in Newport Beach.
The virtual lack of any new office building construction in Orange County is behind the drop in vacancy rates, brokers say.
The vacancy rate for industrial property fell to 11.35% for the second quarter from 14.7% from the same period last year, CB Commercial reported.
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