Multi-tenant industrial properties have been among the most in-demand in Orange County. There is a limited supply of new, modern multi-tenant properties, and available product has become a hot commodity. Recent leasing activity at Los Patrones Business Park in Orange County is a prime example. The nearly 100,000-square-foot property secured 11 new leases in 2020, bringing the property to 50% occupancy.

"There is still strong demand for new multi-tenant industrial properties in the Orange County market. Much of the stock is older and does not meet tenants' standards for this space, which is why Los Patrones Business Park has been so popular," Sam Olmstead, VP and Partner at Voit Real Estate Services, which handled the leasing on behalf of the landlord, tells GlobeSt.com.

The Los Patrones Business Park hit a lot of tenants' needs, according to Olmstead, who notes that this is the first new construction multi-unit property to deliver in more than a decade in OC. "Having shell spaces has allowed us to be more flexible in design to accommodate some unique uses that were not going to be able to utilize the second generation improvements available at our competition," says Olmstead. "Also, the project offers 18-foot free span (no columns) warehouse height, as well as Title 24 compliant LED lighting and .6/2000 sprinkler calcs, all of which are features in demand today."