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Flex <br />Figure 6: Flexy Vacancy <br />12.0% <br />10.0% <br />8.0% <br />6.0% <br />4.0% <br />2.0% <br />0.0% <br />2000 <br />Flex Vacancy <br />5.6% <br />3.6% <br />2002 2004 2006 2008 2010 2012 2014 2016 2018 <br />—2-Mile Radius —Orange County <br />Source: Costar, AECOM <br />Figure 7: Flex Rent <br />Flex Rent (NNN/SFNear <br />$25.00 <br />o $20.00 <br />L $16.24 <br />$15.00 <br />Q <br />o $10.00 <br />$5.00 <br />rn <br />0 <br />N $0.00 <br />2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 <br />—2-Mile Radius —Orange County <br />Source: Costar, AECOM <br />Flex properties are designed for versatility, combining professional office space with some combination of research <br />and development, industrial, warehouse and retail. Flex buildings are sometimes called Tech or Incubator space. <br />The versatility of this space has also resulted in vacancy rates that have experienced some volatility since 2000. The <br />vacancy rate for the 2-mile radius was higher (5.6%) than that of Orange County (3.6%) at the end of 2018, both of <br />which are much lower than their 2010 peaks above 10% and 9% respectively. <br />75C-637 <br />