"It's steady as she goes," states Jerry Holdner, Voit's vice president of market research. "The market's kind of flat, but it's not unhealthy. We're still at a record low vacancy rate, and while it's above last year, anything above 5% is phenomenal."
The lowest vacancy rate in the county, 3.68%, can be found in North Orange County, the largest submarket in the county with 46% of all the county's industrial buildings.
Activity in the second quarter recovered from a dismal first quarter, climbing to 3.3 million sf from 2.5 million sf in the first quarter, the former moving toward a more normal environment, Holdner says.
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