The overall vacancy rate for warehouse properties in Orange County, Calif., decreased 10 basis points from the first quarter, ending the second quarter at 2.3 percent, reported Cushman & Wakefield.
A year-over-year increase in industrial vacancy in the region of 40 basis points is attributed to a handful of large move-outs and warehouse completions that delivered vacant in the first quarter. Orange County continues to be one of the tightest industrial markets in the country, with 3 percent vacancy for warehouse properties. Overall asking rates for warehouse product finished the quarter with an average of $0.86 per square foot per month. The average effective rent for class A space of more than 50,000 square feet has jumped 46.3 percent since year-end 2014 and will continue to trend up due to lack of supply.
Owing to a nu
