By RYAN PETERSON
The West Orange County industrial market continues to see strong activity from tenants and business owners buying buildings for their companies.
Due to the submarket’s proximity to the ports of Long Beach and Los Angeles, distributors continue to pay record numbers for class A distribution space.
In the second quarter, West County saw 95,551 square feet of net absorption with an average asking lease rate of 63 cents per square foot per month.
New construction and planned buildings are minimal with the exception of the Pacific Gateway Business Center in Seal Beach.
This development is set to have 10 state of the art buildings that will stand to add about 830,000 square feet to the existing industrial base.
Overton Moore Properties of Gardena is developing Pacific Gateway Business Center on 50 acres. The land used to be part of Boeing Co.’s Seal Beach campus. Irvine-based Boeing Realty Corp., which does redevelopment planning and then sells off excess company land, secured approvals and zoning for the site.
The first phase of Pacific Gateway is expected to be done by year’s end.
Looking forward to the remainder of 2006 and beyond, we can expect much of the same in rising lease rates and low vacancy rates.
The Real Estate Watch Chart – Net Absorption, Rates, etc. is provided in a Adobe Reader .pdf print-friendly file.
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REAL ESTATE WATCH CHARTS
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