IRVINE, CA—Due to the lack of available land for new industrial development, more occupiers are expected to turn to older buildings that can be significantly renovated to provide the functionality needed today, JLL senior research analyst Jared Dienstag tells GlobeSt.com. According to the firm's Q4 industrial report for Orange County, only 222,737 square feet of OC industrial space is under construction in a market with 1% vacancy. There were 59 large blocks (100,000 square foot or greater) of available space in 2009, 39 in 2012, 16 in 2016, and the number is anticipated to decline to 10 in 2017. In addition, 2016 finished with the highest year-end average rental rate on record.
We spoke with Dienstag about the report's takeaways and the remedy for so little space under construction in this market.
GlobeSt.com: What are the biggest takeaways from your Q4 OC industrial report?
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