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Orange County Industrial Rent Growth Accelerates as Availability Dwindles
The OC industrial market remains red hot, with rent demand outpacing supply and vacancies decreasing 70 basis points in the first quarter of 2022. According to a JLL report, the county-wide vacancy now stands at just 1.3% and rates are up 19% quarter-over-quarter.
Meanwhile, developers remain active in trying to meet the overwhelming demand. JLL says 3.1 million square feet of new product is scheduled to be delivered this year, with 45% of the pipeline already preleased.
Renewals account for more than half of the leases signed in the first quarter, and JLL’s Katty Ayala expects that activity to continue throughout 2022, as limited availability persists across the Greater Los Angeles Basin.
- ◦Lease
- ◦Economy
