The overall average asking lease rate ended the year at $3.00 per sq. ft. per month, 8.0% above the prior peak in Q4 2007. The average asking lease rate decreased $0.02 per sq. ft. quarter-over-quarter in OC.
The year ended with a total of 2.1 million sq. ft. of negative net absorption in OC, slightly less than the year-end total in 2009.
The OC office vacancy and availability rates increased 70bps and 100 bps quarter-over-quarter to 11.9% and 17.7%, respectively, while the average asking lease rate decreased 0.6% quarter-over-quarter to $3.00 per sq. ft. per month.
No new office product completed construction in Q4 2020, but 1.0 million sq. ft. is expected to complete in early 2021.