OC Industrial Leasing Booms to 2014 Levels
Orange County’s industrial market is seeing a pandemic-fueled surge. A third quarter report found that industrial leasing activity in Orange County has hit levels not seen since 2014. During the quarter, there were 57 deals totaling more than 2 million square feet. That’s a 15% increase over the third quarter average for the past five years.
During the second quarter, operators and investors of industrial real estate were very reluctant in executing long forward commitments as there was a lot of unknowns as the pandemic unfolded. However, in the third quarter, as the market and economy shifted, pent-up demand positively impacted activity in the market.
The pandemic has put more pressure on the supply constraint for large industrial and we continue to see near zero vacancy in most of the Greater Los Angeles Market.
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