IRVINE, CA-Demand for industrial buildings in Orange County continued to gain momentum, and confidence grew among developers as a slow but steady economic recovery continued to unfold during the second quarter of 2013. The recovery has fueled competition, raising rents and lowering vacancies for companies seeking to lease or purchase class A industrial space, according to Colliers International's second quarter industrial real estate report.
Total gross market activity during second quarter increased to 3.6 million square feet from 2.4 million square feet reported in the first quarter, the report said. Compared to the second quarter of 2012, gross market activity was 35.3 percent higher in the second quarter of 2013, underpinning the strength of the recovery, noted Colliers regional president Martin Pupil, who oversees all brokerage operations in the company's Southwest Region.
As the economy gains momentum, and Orange County continues to see a tightening market with just a handful of new industrial projects underway, the most pronounced shortage and greatest demand remains in class A buildings, the Colliers quarterly report revealed.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
