IRR-Orange County Mid-Year Viewpoint 2015 Local Market Report - Industrial
The industrial market is experiencing increased demand as imports from the Ports of Long Beach and Los Angeles have increased. As a result, rents are increasing and vacancies are declining. The market has generally strengthened over the last three years and we expect this trend to continue with 4% market rent growth in the next 12 months based on increased demand and decreased vacancies.
The increase remains in line with the average expense growth rate. The market anticipates receiving an additional 748,227 square feet of industrial space in 2015 which is unlikely to significantly impact future vacancy and market rent rates. Large spaces of more than 300,000 square feet are in particularly short supply. Overall the market is extremely healthy and is continuing its trend of expansion.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.