West Orange County is one of the smallest submarkets here in terms of commercial space, with a little more than 1,200 buildings totaling 54.9 million square feet.
The majority of the buildings are in the manufacturing and warehouse sector, which accounts for 979 buildings and about 32.2 million square feet of space.
Smallest Segment
The retail sector makes up the smallest portion of West Orange County, with 72 centers totaling just less than 10 million square feet.
West OC saw a total of 133,321 square feet of negative net absorption overall in the second quarter.
The manufacturing and warehouse sector accounted for the entire decline with 211,303 square feet of negative absorption that offset modest gains in the office, retail, and research and development sectors.
The office sector saw 13,185 square feet of positive absorption for the second quarter.
Research and development accounted for 29,099 square feet.
Retail had the most positive absorption, with 35,787 square feet.
Weak demand pushed asking lease rates down nearly across the board in West Orange County in the second quarter.
The average for manufacturing and warehouse space fell to 48 cents per square foot, down two cents from the prior period and five cents from a year earlier.
Office properties averaged $1.88 per square foot, down one cent from the prior period and two cents from a year earlier.
The average for the research and development sector fell to 76 cents per square foot, unchanged from the first quarter and four cents from a year earlier.
Retail properties saw the biggest decline, with the average for the second quarter at $2.41 per square foot, down four cents from the prior period and 10 cents from a year earlier.
Commercial Development
New commercial development in West Orange County is nonexistent. It will likely remain weak until economic uncertainty clears, the real estate mark shows sufficient strength to encourage speculative development, and construction lending becomes more available.
Data and analysis by CBRE Research.
The Real Estate Watch Chart
Net Absorption, Rates, etc. is provided in a Adobe Reader .pdf print-friendly file.
