ORANGE COUNTY, CA—As Orange County office lease rates rose for the second consecutive quarter, industrial asking sales prices are approaching record levels, has learned exclusively from Voit Real Estate Services‘ VP of market research Jerry Holdner. The region is an example of a market truly benefiting from the economic recovery.

According to Voit, the office market here posted almost 140,000 square feet of positive net absorption for the quarter. The first quarter of 2015 marked the fourth consecutive quarter of positive net absorption and the eight consecutive quarter of rising lease rates. The average asking full-service gross lease rate finished the first quarter at $2.12, an increase of 16 cents or 8.2% form 2014′s first-quarter average asking rate.

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