The vacancy rate for office properties in the southern portion of Tustin is 2.6%, while the overall rate for Orange County is 13.3%. Inventory is very low as under 1.5 million square-feet is available in Tustin specifically.
It has been very difficult to gain a foothold in the Tustin office market, driving competitive offers up. So much so that a single-tenant, 120,000 square-foot office building sold for $91 million; This was a two-story, Class A flex-office property on almost 6 acres of land at 1382 Bell Ave. near Tustin Legacy.
Average direct asking rents are 15% below market average, roughly $2.41 per square-foot