Orange County Rents Continue to Soar
The Orange County industrial market continues to show strong market fundamentals, with 177,490 SF of positive net absorption and a 6.9% jump in average asking rents to $1.54 NNN. Vacancy remained flat, closing out the quarter at 1.2%. Total gross activity reached 2.5M SF, an increase quarter over quarter but still well below the five-year average of 3.1M SF. Construction activity remains robust, with 3.5M SF currently underway and several other projects in the pipeline breaking ground later in the year. Average asking rents are now 43% higher than they were a year ago and 83% above the mark from five years ago.