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Orange County office vacancy falls as rents rise in Q3

Average asking rents increased to $3.02 per square foot per month in the third quarter, up from $2.90 at the end of 2025, as tenants signed about 1.55 million square feet of leases.

Reported · Written up by our desk · Commercial

Orange County, Calif.’s office market improved in the third quarter, with total vacancy falling to 15.4 percent from 17.1 percent a year earlier, and average asking rents rising to $3.02 per square foot per month from $2.90 at the end of 2025, according to new data from JLL, cited by Commercial Observer.

Net absorption slipped slightly for the quarter, but stayed positive on the year at 265,394 square feet, compared with negative 158,099 square feet for all of 2025.

Tenants signed about 1.55 million square feet of leases during the quarter, led by Taco Bell’s 254,162-square-foot lease at Irvine Company’s Alton HQ, the largest office lease in Orange County in five years.

Commercial Observer also noted other sizable leasing activity, including Envista Holdings taking 101,800 square feet across three buildings and an unnamed aerospace company signing for 173,057 square feet across two Airport Area properties, including 102,417 square feet.

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