Orange County industrial real estate market reports
Q2 2024
The Orange County industrial market has cooled just like neighboring Los Angeles and Inland Empire markets. Leasing activity continues to remain below normal levels, vacancies are trending up, and rental rates have declined for a 2nd straight quarter. Despite these challenges, the industrial market remains tight when compared to neighboring markets. Additionally, there has been an increase in new developments that are underway, with over 1.8 msf currently under construction, indicating ongoing investment and development activity in the region.
Net absorption
Net absorption reported negative in Q2 2024 as the market continues to soften and many occupiers have decided to relinquish any unused space.
Asking rates
Average asking lease rates have come down 5.2% from the prior quarter to $1.64/SF NNN.
Vacancies
Total vacancy this quarter registered at 5.6% with 4.2% being direct and 1.4% being sublet. Sublet vacancies are up 60 basis points from the prior quarter.
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