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September 26, 2023
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OC Industrial Market Hits Record Low Vacancy Rate


Orange Countyís industrial market experienced its lowest vacancy rate on record, as the ports of Los Angeles and Long Beach started operating around the clock to help alleviate bottlenecks and get goods out to warehouses. The demand for warehouse space depleted existing supply, causing rent to soar. Vacancy dropped to 1.8%, while the average rent increased 18.4% from last year to a $1.22 per square foot triple net.

The market had a solid 2021, with 10.17 msf leased. The ports overflowing with containers and the pandemicís acceleration of ecommerce boosting demand for large distribution facilities spurred construction.

Overall, rent soared 17.7% year over year, which will lead to increased development. Higher prices will encourage construction as users looking to buy, or lease will remain the driving force behind demand in 2022.

This report was prepared by J.C. Casillas, Managing Director, Research, NAI Capital Commercial

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