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Increase in overall leasing activity led nearly entirely by renewal deals
In the third quarter 2024, office leasing activity in Orange County recorded 1.9 million square feet (msf), reflecting a 29.9% increase from the previous quarter and a 2.3% increase compared to a year ago. A significant portion of this quarter’s deal volume came from the Airport Area submarket, particularly within the financial services and insurance sector. Although a few notable leases exceeded 100,000 square feet (sf), eight out of the top 10 lease transactions were renewals. Despite the spike in leasing activity this quarter, new office space demand remains limited as many occupiers continue to take a wait-and-see approach while downsizing their office space footprints.