The Orange County office market has strengthened in recent years as vacancy rates have declined from a high of 21.0% in 2010 to 16.7% currently. Class A vacancy rates are leveling off due to new construction projects being delivered in 2015, including two in Newport Beach. Rent growth is the strongest it's been since 2007, though large blocks of office space over 100,000 square feet remain limited. The market is forecast to see continued decreases in vacancy rates, low new construction, moderate absorption, and low to moderate employment and rental rate growth over the next year.