Orange County Slows in Q4, but 2022 Looks Strong
The Orange County industrial market closed out the fourth quarter with 394,302 SF of negative net absorption due to several large vacancies. Despite the 20-basis point increase in vacancy, average asking rents increased $0.12 to $1.36 NN PSF per month. Total gross activity was well below the five-year average of 3.2M SF, closing out the quarter with 1.5M SF of leasing and sales activity. Construction activity remains robust up with 3.2M SF currently underway and several other projects in the pipeline breaking ground in 2022. Orange County closed out 2021 with 1.6M SF of positive net absorption, a 39% increase in asking rent year over year and a 110-basis point decrease in vacancy over the same time period.