IRVINE, CA—The Orange County industrial market took significant strides toward continued improvement in the second quarter of 2015 with the lowest vacancy level and the highest asking sale price recorded in 20 years, according to a new Second Quarter Market Report from Voit Real Estate Services.

The average asking sales price in the second quarter of 2015 was $183.06 per square foot, three dollars and thirty-one cents higher than the previous quarter and up 17.5% when compared to 2014's second quarter rate. Posting a new record high, the previous record high asking price of $181.23 was established in the third quarter of 2007, the report shows.

“Overall in the Orange County industrial market over the last year, vacancy has fallen almost 18% while availability has decreased 16.3%; these are the lowest levels we've recorded in the 20 years we have been tracking the market,” says Jerry Holdner, VP of market research at Voit. “It's also important to note that occupancy has increased by over 11.25 million square feet since the second quarter of 2010, when vacancy was 6.75%. The substantial decreases in vacancy and availability are contributing to the gains in sale prices and asking lease rates.”