The study ranks markets according to the average price per sf that buildings are selling for, along with average cap rates and other factors to determine how a geographic market stacks up against other parts of the country.

The report says owners in Orange County command an average of $86.25 per sf for their industrial buildings, actually the third-highest price per sf among the top 10 sellers' markets in the report. The average cap rate for sales in Orange County is 9.27%, second only to the 9.38% average cap rate in Phoenix.

Seattle was the top-ranked sellers' market in the study, followed by Ventura County, California and San Diego County. Sperry Van Ness says a number of buyers in 10-31 exchanges are taking the proceeds from top sellers' markets and re-investing them in the buyers' markets. Top-ranked buyers' markets were Columbus, Philadelphia and Houston, where yields are high and prices per sf remain low.