Orange County industrial real estate market reports

Q4 2022

Orange County availabilities will remain at historically low levels moving forward. Although, a heavy development pipeline is expected within the upcoming quarters, over 51% has already been pre-leased. With no new projects expected to break ground in the near term, we can expect development activity to decrease. The Goodman Logistics Center is expected to deliver its final two buildings totaling 870ksf in early 2023, with both having lease commitments prior to completion. Rental rates will stay at historical highs moving forward as availabilities remain at low levels along with high demand for quality space pushing rates upward. But we do expect rental rate growth to soften due to economic conditions, yet still grow between 10%-15% in 2023.
3.0 msf


3.0 msf across 18 properties remain under construction with over 51% pre-leased.
1.5 msf

Net absorption

Net absorption has remained positive for the third consecutive year. Absorption levels have not fallen below 1.5 msf during that time frame.
$1.60 psf

Asking rent

At the end of 2022 average asking lease rates were reported at $1.60 psf, up 28% from the year prior.


The availability rate for Orange County industrial checked in at 4.4% at the end of 2022. Availabilities have not surpassed 4.5% in the last 3 years.

Total vacancy

Total vacancies concluded the year at 1.4%, 1.3% was direct and 0.1% was sublet. Vacancies have decreased nearly 30% from the year prior.
37 deals

Investment sales

Sale transactions have fallen 30% from the year prior to end 2022 with 37 deals. Yet, the price per square foot for industrial product in Orange County registered a new record high of $316.95 psf.

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