Taco Bell Signs Orange County Office Lease as Vacancy Drops

Taco Bell signed a 254,162-square-foot office lease in Orange County, California, marking the largest office deal in the county in five years. Commercial Observer reported that the transaction coincided with improving market conditions across the region during the third quarter. [1]

According to data from JLL cited by Commercial Observer, total office vacancy in Orange County fell to 15.4 percent. This represents a decline from 17.1 percent recorded one year earlier. [1]

Average asking rents rose to $3.02 per square foot per month, up from $2.90 at the end of 2025. Commercial Observer reported that net absorption dipped slightly for the quarter but stayed positive for the year at 265,394 square feet. [1]

The year-to-date net absorption figure marks a recovery from negative 158,099 square feet recorded in the prior period. Commercial Observer credited a diverse set of corporate leases for supporting the market improvement. [1]