ORANGE COUNTY, CA-Continued warehouse vacancy improvement is anticipated in Orange County, according to Voit Real Estate Services. The firm says vacancies have pulled in by nearly 2 percentage points from the peak of the cycle and should continue to fall gradually as long as consumers keep spending, companies keep hiring and development remains muted.
With demand expected to keep pace over supply, vacancies should fall to very low structural rates by the end of the year, “simply due to lack of supply,” predicts Jerry Holdner, VP of market research for Voit. Because of this, significant lease growth is expected in the industrial realm in 2014, he says.
Much of the warehouse inventory in Orange County is of older stock and on the smaller side, according to Voit. Only eight existing properties are larger than 500,000 square feet, and demand has increased for these larger properties, says Holdner.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
