MARKET TRENDS
- Vacancy increased by 10 basis points (bps) in the fourth quarter to 9.1%. The Orange County industrial market recorded positive absorption, totaling 405,644 square feet (sf).
- There is 1.3 million square feet currently under construction, with 692,359 sf delivered in Q4. Industrial inventory continues to grow as office properties are redeveloped for industrial use.
- As positive occupier movement was recorded, asking rents increased to $1.49 NNN in Q4, down 2.8% from the previous quarter and 1.3% year over year.