West Orange County’s industrial sector has about 40.3 million square feet of space, with the manufacturing and warehousing segment accounting for about 87% of the total in the fourth quarter.
It had the highest availability rate of OC’s four submarkets, at 11.1%. Its 4.3% vacancy rate was the second highest for the fourth quarter, behind South OC’s 5.1%.
Nearly 90% of the available industrial space in West OC was in Cypress, Garden Grove and Huntington Beach.
West OC’s average asking lease rate was $0.57 per square foot in the fourth quarter, even with the prior period.
Office
West OC’s office sector has 5 million square feet of space, making it the third-largest submarket behind the Greater Airport Area and South OC.
West OC’s office vacancy rate was 16.2% in the fourth quarter, down from 16.5% the prior period and up from 15.2% a year earlier. The fourth quarter saw 13,224 square feet of positive net absorption. That helped offset a trend of negative net absorption in the first half of the year.
The average asking lease rate for office space was $1.91 per square foot in the fourth quarter, a 3-cent increase over the prior period and a year earlier.
Retail
West OC has nearly 9.8 million square feet of retail space and saw its vacancy rate for the sector rise to 6% in the fourth quarter, up from 5.6% in the third quarter and 4.7% a year earlier.
The retail sector registered about 28,500 square feet of negative net absorption for the quarter, taking the yearly gain down to about 3,000 square feet.
The average lease rate fell 1 cent from the third quarter, and 13 cents from a year earlier, to $2.09 per square foot.
Data and analysis provided by CBRE Research.
The Real Estate Watch Chart
Net Absorption, Rates, etc. is provided in a Adobe Reader .pdf print-friendly file.
