Figures

Orange County Industrial Figures Q4 2023

January 8, 2024 4 Minute Read

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Despite new building deliveries, availability rate held steady

Orange County (OC) availability rates stayed stagnant at 3.8% from the previous quarter. Even with three new buildings being delivered vacant, the availability rate remained the same. LogistiCenter55 in Tustin delivered 311,770 sq. ft. in Q4 2023 fully vacant and available. In addition, Teller also delivered 136,000 sq. ft without a tenant in tow. Even with this increased vacancy, OC is still slightly below the historical 5-year average availability rate of 3.9%.

 

Activity remained strong amidst tight economy
Gross activity held strong fundamentals and amounted to 2.8 million sq. ft. in Q4 2023. This was an increase of almost 1 million sq. ft. compared to Q3 2023’s amount. For comparison, the past five years had an average quarterly gross activity of 2.5 million sq. ft. The OC industrial market continued with strong fundamentals, driven by strong activity and strong demand for space.