Occupancy Up, Rents to Follow

Dillon, Simon
November 2004
Orange County Business Journal;11/29/2004, Vol. 27 Issue 48, p51
This article reports that the hotel occupancy is up, vacancy is down and lease rates are spiking in many class A high-rise buildings in the greater John Wayne Airport area of Orange County, California. Effective lease rates or the average rental rate a tenant pays over the occupancy term including free rent for the airport area K class A high-rises are up about 25% in the past year. Meanwhile, total vacancy for the highrise buildings has dropped from 15.3% to 11.2% in the past year. Landlords will push rates up in a frenzy with the next deal setting a new high for a particular project. This will continue until market variables change.


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