It will take nearly four years for developers to find tenants for all the vacant office space existing or being built in Orange County today, according to a recent survey.
Tenants have been grabbing up local office space rapidly, leasing 3 million to 4 million square feet a year. But nearly 16 million square feet of office space in the county is either vacant or under construction, according to the survey commissioned by Burke Commercial Real Estate in Irvine.
Vacancy rates in the 20% range mean developers have not been able to raise rents this year, according to the survey, with rates stuck at about $1.80 per square foot. The survey covered 676 office buildings in the county.
On the positive side, office buildings are expected to continue to rent well through 1988, said Burke Commercial's consultant, the Research Network in Laguna Hills.