Orange County Office Market Report Q1 2026

In early 2026, Orange County's office market achieved a direct vacancy rate of 11.3%, representing a 3.8% year-over-year decrease below the national average, with 1.6 million square feet in leasing activity and 69,000 square feet of net absorption driven by strong tenant move-ins and constrained new supply. The market outlook remains cautiously optimistic, supported by 324,000 square feet under construction and 43,000 square feet recently delivered, with average asking rents at $2.86 per square foot on a full-service basis and demand expected to favor high-quality office space amid limited new construction and continued inventory reduction.