MARKET TRENDS
- Vacancy increased by 90 basis points (bps) in the first quarter to 9.0%. The Orange County industrial market recorded negative absorption, totaling -1,160,150 square feet (sf).
- There is 1.9 million square feet (msf) currently under construction, with 234,828 sf delivered in Q3. Industrial inventory continues to grow as office properties are redeveloped for industrial use.
- As vacancy increases, asking rents fell to $1.45 NNN in Q3, down 1.1% from the previous quarter and 4.8% year over year.