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2019 Q3 Orange County Industrial Knowledge Report

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Vacancy Decreased In Third Quarter 2019

Key Takeaways

  • The vacancy rate in Orange County decreased by 20 basis points to 3.7% during the third quarter.
  • Asking rental rates increased 3.3% from one year ago to $0.94 per square foot (PSF) triple net (NNN).
  • Industrial demand recorded 96,200 square feet of net absorption with most of the activity occurring in the West County submarket.
  • New construction in Orange County remains limited while existing product continues to be converted to alternative property uses.
  • Orange County job growth increased by 12,500 jobs compared to one year ago, a growth of 0.8%. The Orange County unemployment rate is still among the lowest in the Nation at 3.8%.

Outlook:

Tenants are struggling to find future space options to meet their needs given the lack of available inventory. Headwinds such as a nationwide decline in manufacturing, a global economic slowdown coupled with central bank intervention and threats of an ongoing trade war could have an impact on the booming industrial market.

 

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Greater Los Angeles Orange County Industrial

2019 Q3 Orange County Industrial Knowledge Report

Download Report