REAL ESTATE
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Office Vacancy Dips 1%: Despite defaults, second-quarter statistics from CB Commercial Real Estate Group Inc. in Orange County revealed that office vacancy rates dropped 1% and that net absorption--the amount of space filled--increased to the highest level in two years.
Vacancy rates for the county’s multi-tenant and single-user office market fell to 17.48% for the second quarter, a drop of more than a full percentage point from the 18.79% reported for the first quarter. Leasing and sales activity increased by 1.31%, producing a net absorption of 622,095 square feet, the highest amount reported by CB Commercial since the fourth quarter of 1991.
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