More leasing and more vacancies went together in the Orange County office market during the first three months of this year, according to a study by Grubb & Ellis Commercial Brokerage Services.
New leases during the first quarter surpassed 1 million square feet, which could lead to a new annual record if the current pace continues.
At the same time, the first-quarter vacancy rate jumped to 25%. During the same period a year ago, the vacancy rate was 22%, and at the close of the fourth quarter, 1987, it was 23%. Grubb & Ellis attributed the increase in the vacancy rate to the addition of 4 million square feet of new space during the past year.