Office Leasing Trends 2024

Many groups in Southern Orange County are discovering that their space requirements have decreased from prior years.

There aren't many contracts for more than 50,000 square feet of office space signed this year, so renters are mostly renting smaller office suites in the neighborhood. This is a major decrease from more than 10 signed last year and an average of 20 signed annually over the last decade.

However, smaller office transactions in Orange County are more common. This year, there could be over 2,000 lease agreements for office spaces under 5,000 square feet inked; this would be the first time that number has been surpassed since 2019. Properties less than 5,000 square feet account for 42% of the overall leasing volume thus far this year. Moreover, the percentage of lease volume that falls between the 5,000 and 10,000 square feet size range is 19%, which is the most since 2006.