Orange County industrial real estate market reports
The Orange County industrial market remains on firm footing as user demand continues to outpace supply. Absorption remains in positive territory applying downward pressure on vacancies and further pushing rental rates to new all-time highs. Over 2.6 msf is currently under construction. Of that, the Goodman Logistics Center is expected to deliver 1.5 msf next quarter. With a heavy development pipeline in place, industrial vacancies could rise as projects reach completion.
55,545 sf was delivered in 2Q 2022, pushing total inventory of flex and industrial buildings of at least 50,000 sf to 130.3 msf. The highly anticipated Goodman Logistics Center expected to deliver next quarter, consisting of four state-of-the-art facilities with a total of over 1.5 msf.
Orange County industrial continued its momentum reporting positive absorption for the fourth straight quarter with 142.8 ksf.
Direct asking rent
Average asking rents continue to increase and record new all-time highs, concluding the quarter at $1.35 psf. Rents are up 21.6% from the year prior and are expected to increase further as vacancies remain constrained.
The market experienced an increase in both direct and sublet availabilities with 5.4 msf and 1.0 msf, respectively.
Orange County industrial vacancies remained flat for the fourth straight quarter.
8 properties traded hands in the second quarter at an average sales price of $325.06 psf with cap rates settling at 3.9%.
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