As Supply Remains Limited, Asking Rates Jump
The Mid-Counties industrial market closed out the third quarter with 115,732 SF of positive net absorption. The overall vacancy rate decreased 10 basis points quarter over quarter and is 10 basis points above its mark from one year ago. Average asking rent posted a new record of $1.85 NNN, 68% more than just 12 months ago. Mid-Counties is located in the geographic heart of Southern California, positioned in one of the most populous regions. The area continues to attract the attention of developers looking for last-mile infill locations with superior freeway access.