The sublease market reached 3.1 million sq. ft., adding about 507,000 sq. ft. in Q3 2020 and 984,000 sq. ft. year-to-date.
The Orange County unemployment rate decreased 250 bps month over month to 9.9% in August, below the California rate of 11.6% but above the U.S. rate of 8.5%.
Net absorption in Orange County totaled negative 958,889 sq. ft. in Q3 2020. Many occupiers with near-term lease expirations signed short-term extensions or renewals while waiting to understand the full impacts of COVID-19.