Orange County, CA – In the first quarter of 2012, the Orange County industrial market posted 362,299 square feet of positive net absorption, giving the market 3.8 million square feet of positive net absorption since the second quarter of 2010, according to a First Quarter Market Report by Voit Real Estate Services. In addition, the quarter ended with a vacancy rate of 4.87 percent - one of the lowest figures recorded since the first quarter of 2009.
“The Orange County industrial market is in recovery mode, and all numbers indicate that the market will continue to improve as 2012 progresses,” said Jerry Holdner (top right photo), Vice President of Market Research for Voit. “Increasing occupancy will drive lease rates up, and ongoing demand for OC industrial space will fuel growth in sale prices as well.”
Industrial lease rates continue to rise in Orange County, according to Voit’s report.
The average asking triple-net lease rate came in at $0.55 per square foot per month at the end of the first quarter - two cents higher than the market bottom of $0.53 seen in the first quarter of 2011.
For a complete copy of the company’s news release and report, please contact:
Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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