OC Sublease Space Decreases for First Time Since Start of Pandemic
By: Lisa Brown
The number of spaces and total square feet of sublease space added to the Orange County market noticeably declined during the three months of November to January compared to the prior three months, according to JLL’s OC sublease report covering a variety of property types. From August through October, 57 spaces of 10,000 square feet and larger totaling 1.7 million square feet were added.
Moreover, there were 18 new spaces totaling 712,000 square feet representing declines of 68 and 58 percent, respectively, during the past three months. During this time period, 39 sublease spaces added to the market since the onset of COVID-19 were removed, with 26 leased, 11 withdrawn, one term expiration and one reduced size to less than 10,000 square feet. Of these, 12 were office spaces (222,773 square feet), 23 were industrial spaces (958,370 square feet) and four were flex spaces (108,358 square feet).
If the amount of sublease space added to the market continues at the pace of the most recent three months, signs of stabilization could be apparent in the near future, says the report.