NEWPORT BEACH, CA-Industrial space is becoming more and more difficult to find in Orange County. In fact, the region boasts the lowest industrial vacancy rate in the country and has continued to tighten from a year ago, experts report.
According to Cushman & Wakefield, Orange County's vacancy rate for third-quarter 2013 was 4.4%, a decrease of .8% from a year ago. Other markets in the top 10 for lowest industrial vacancy were Greater Los Angeles; Lakeland, FL; Denver; San Francisco Peninsula, CA: St. Petersburg/Clearwater, FL; Oakland, CA; Philadelphia; Inland Empire, CA; and Tampa, FL.
Nationally, C&W reports that the industrial sector as a whole was quite strong in the third quarter, with leasing, demand and construction activity high throughout the country. “Pent-up consumer demand for housing, automobiles, appliances and other less durable goods have translated to increased spending in 2013,” says John Morris, leader of industrial services for the Americas at C&W. “As corporations respond, we have seen a jump in demand, especially for distribution space. With the continued e-commerce boom, online retailers have become the fastest-growing segment of warehouse occupiers. At the same time, traditional brick-and-mortar retailers continue to drive demand as well, with companies like Walmart and Home Depot among the most active.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
