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Orange County office property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These recent trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Average Asking Rent | |
|---|---|---|---|---|
| Santa Ana | 18.5% | 26.0% | 10,932,365 | $2.52 |
| Irvine | 12.1% | 22.9% | 38,916,500 | $3.03 |
| Airport Market Class A | 17.4% | 27.8% | 26,934,221 | $3.30 |
| Airport Market Class B | 11.3% | 19.5% | 21,185,523 | $2.73 |
| Airport Market Class C | 7.8% | 9.6% | 1,409,801 | $2.11 |
| Total Airport Market | 14.5% | 23.7% | 49,529,545 | $3.08 |
| Total Orange County Market | 13.6% | 22.8% | 104,952,026 | $2.87 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
Cities included in this market include Aliso Viejo, Anaheim, Brea, Buena Park, Corona Del Mar, Costa Mesa, Cypress, Dana Point, Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, La Palma, Laguna Beach Laguna Hills, Laguna Niguel, Lake Forest, Los Alamitos, Mission Viejo, Newport Beach, Orange, Placentia, San Clemente, San Juan Capistrano, Santa Ana, Santa Margarita, Seal Beach, Stanton, Tustin, Westminster, Yorba Linda.
Orange County hotel property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| UNITED STATES DATA | Total | Change From 2019 |
|---|---|---|
| Occupancy | 62.70% | -4.90% |
| ADR | $149.00 | 13.6% |
| RevPAR | $93.27 | 8.10% |
Analysis By WPA 2023
Data By STR, TE, February 3, 2023 (Published), As of December 31, 2022
2022 Year End Indicators
* Uneven, non-linear recovery across industry segments.
* Overall construction pipeline activity is down. Some December 2022 growth in construction is seen.
Orange County industrial building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Vacancy % | Total Available % | Total Inventory SF | Asking Rent Avg. Mfg. | |
|---|---|---|---|---|
| North Orange County | 0.60% | 1.90% | 115,848,208 | $1.56 |
| West Orange County | 0.40% | 3.00% | 41,692,667 | $1.62 |
| Greater Airport Area | 0.70% | 2.10% | 68,015,822 | $1.56 |
| South Orange County | 1.20% | 2.50% | 33,688,531 | $1.71 |
| Total Industrial Market | 0.70% | 2.20% | 259,245,228 | $1.62 |
Analysis By WPA 2023
Data By CBRE Market Research 2023
The largest cities in Orange County by population include: Anaheim, Santa Ana, Irvine, Huntington Beach, Garden Grove Fullerton, Orange, Costa Mesa, Mission Viejo, Westminster, Lake Forest, Newport Beach, Buena Park, Tustin, Yorba Linda, and Laguna Niguel, San Clemente, La Habra, Fountain Valley, and Aliso Viejo.
Orange County multifamily building property tax appeals are significantly affected by key metrics such as market vacancy and market rent. These trends are summarized below.
| Total | |
|---|---|
| Vacancy | 3.60% |
| Average Effective Market Rent | $2,718 |
| Y-O-Y Avg. Effective Rent Increase | 4.80% |
| Construction Units Completed (Past 12 Mos.) | 1,597 Units |
| % Increase in Inventory (Past 12 Mos.) | 1.50% |
Analysis By WPA 2023
Data By Marcus & Millichap 2023
The largest cities in Orange County by population include: Anaheim, Santa Ana, Irvine, Huntington Beach, Garden Grove Fullerton, Orange, Costa Mesa, Mission Viejo, Westminster, Lake Forest, Newport Beach, Buena Park, Tustin, Yorba Linda, and Laguna Niguel, San Clemente, La Habra, Fountain Valley, and Aliso Viejo.
Orange County borders the Pacific Ocean and is located south of Los Angeles County, west of Riverside and San Bernardino and Riverside counties, and north of San Diego County. The largest city in Orange County is the City of Orange.
For the Orange County office market, total vacancy reached 13.6% in the first quarter of 2023, yet the total availability reached a substantially higher 22.8%. In addition, net absorption for the quarter alone reached negative territory at negative 1,186,121 square feet. Further, availabilities were even higher in the largest office submarket, Irvine. The Irvine market is comprised of 38,916,500 square feet, which represents 37.1% of the total Orange County market. Total availabilities in Irvine were 22.9%, or slightly higher than the overall market average.
Santa Ana is the next largest sub-market after Irvine, with an inventory of 10,932,365 square feet, thereby comprising more than 10 percent of the market. Total availabilities in Santa Ana reached 26.0%. Not to be outdone, availabilities reached 29.4% in the City of Orange, 29.7% in Aliso Viejo, and 35.7% in Huntington Beach.
By region, total availabilities were highest in Central Orange County, at 26.0%, and in the Greater Airport Area which contains 49,529,545 Square feet, or 47.2% of the total market inventory, availabilities reached 23.7%.
By asset class, the availabilities were most concentrated in Class A space, at 26.5%, which contrasts with Class B space at 20.0%, and Class C at 9.6%. This demonstrates that in we are not currently seeing in the current economy the old adage of a flight to quality in challenging economic times. Rather, we’re seeing a flight to space of lower cost and lower quality, as well as low-rise space.
Overall, trends countywide are of vacancy rising to levels rarely seen, and absorption running negative or close to it in all sub-markets. Work from home trends, rising interest rates, and economic adjustments are showing their effects.
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