MARKET TRENDS
- Vacancy decreased by 30 basis points (bps) in the first quarter to 8.9%. The Orange County industrial market recorded positive absorption, totaling 721,903 square feet (sf).
- There is 592,400 sf currently under construction, with 434,656 sf delivered in Q1. Industrial inventory continues to grow as office properties are redeveloped for industrial use.
- As positive occupier movement was recorded, asking rents decreased to $1.42 per square foot, down 4.9% from the previous quarter and 9.0% year over year.