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Q1 2022 ORANGE COUNTY INDUSTRIAL MARKET REPORT
VACANCIES HIT NEW LOWS; RENT GROWTH TOPS 16% Continued strong demand for industrial space pushed the countywide vacancy rate to a record low 2% in the first quarter, and asking rents, which have increased about 7% annually over the last five years, posted record average gains of 5.2% in the first quarter and 16.6% year over year. Lee & Associates’ quarterly survey of buildings 10,000 SF and up shows 8,251 buildings with 274.2 million SF,…
Q1 2022 ORANGE COUNTY OFFICE MARKET REPORT
LANDLORDS AWAIT FULL “RETURN TO OFFICE” The office market suffered a mild Covid relapse in the first quarter as companies shed 550,126 SF of space. It was the biggest three-month retreat in a year. It follows Q4’s strong net absorption total of 610,486 SF, the second largest quarterly gain in five years. The weakness is confounding hopes that vaccine availability, plunging Covid infection rates and corporate America’s “return to office” plans would begin to reverse…
Q4 2021 ORANGE COUNTY OFFICE MARKET REPORT
HEALTHY TENANT GROWTH RETURNED IN Q4 After six straight quarterly losses since the lockdown, countywide demand for space returned in the fourth quarter with positive net absorption across all five county submarkets. There were 610,486 SF of net absorption in Q4. It was the third strongest quarter since 2015. The healthy end to the year reduced the countywide losses for 2021 to 711,560 SF, an improvement from the 1.3-million-SF contraction in 2020. In contrast to…
Q4 2021 ORANGE COUNTY INDUSTRIAL MARKET REPORT
DEMAND FOR SPACE INTENSIFIED IN 2021 Demand for industrial space in Orange County, already one of the hottest markets in the country, continued to set records in 2021. Out of a total inventory of 274.1 million SF surveyed by Lee & Associates, only 5.8 million SF are vacant. Year-over-year rent growth averaged a record 16% countywide in 2021. Net absorption in 2021 totaled 1.8 million SF. It was the most tenant growth in six years,…
Q3 2021 ORANGE COUNTY OFFICE MARKET REPORT
DEMAND IMPROVES BUT DELTA SOWS CAUTION Office demand resumed in most of the county in the third quarter amid an economy straining to return to pre-pandemic normalcy, but tenants continued to shed blocks of space in the county’s largest market around John Wayne Airport. Nearly 540,000 SF of Q3 growth was reported in the North, Central and South County markets, which total 64.1 million SF. South County posted 318,539 SF of net absorption, its strongest…