West Orange County’s industrial submarket has about 40.3 million square feet. Roughly 87% of the space consists of manufacturing and warehouse properties.
The submarket carries the highest availability rate and vacancy of the four submarkets: 9.9% and 5.2%, respectively.
Slow Upward Trend
Activity has been slowly trending upward, with the first quarter recording nearly 535,000 square feet of gross activity and 186,641 square feet of positive net absorption.
West OC had an average asking lease rate of 59 cents per square foot, an increase of 2 cents per square foot from the fourth quarter.
Its office sector is the third-largest submarket behind the Greater Airport Area and South Orange County, with roughly 5 million square feet of space. The sector’s first-quarter vacancy level declined to 14.5% from 16.2% in the fourth quarter. The decline can be attributed to the 88,387 square feet of positive net absorption, an increase of more than 70,000 square feet from the previous quarter.
The average asking lease rate for the submarket increased to $1.94 per square foot, moving up 3 cents from the last quarter.
Retail
The West Orange County retail sector has more than 9.9 million square feet of space. About 5.4%, or nearly 405,000 square feet, is vacant, a drop from 6% in the fourth quarter. An increase in net absorption contributed to the decrease, with the first quarter recording 35,873 square feet of positive net absorption.
Average rents continue to drop as the average lease rate fell 5 cents to $2.04 per square foot, a nearly 6.5% drop year-over-year.
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.
