Even though prices of Orange County offices keep rising, companies can't seem to get enough room as they rented just about any space they could find last year. And it appears that their appetite will continue this year.
A survey released Tuesday by Voit Commercial Brokerage showed that overall office rents in Orange County hit $2.23 per square foot by the end of the year, setting a record.
The price, which has been rising 5% to 10% per year since 1996, jumped nearly 8% from the year-earlier figure of $2.07, said Jerry Holdner Jr., the Voit analyst who completed the report.
What some brokers found surprising is that vacancies declined to 9.2% from 9.7% the previous year even though the amount of new space rose 7.7% and prices continued to rise. But high demand from companies expanding or entering the market took almost everything available: more than 3.5 million square feet overall.