The availability rate closed Q2 2018 at 4.5%, up 30 basis points (bps) since Q1 2018 and 130 bps year over year. Despite a marginal increase, availability has edged slightly above historic lows in the supply constricted OC.
The lack of vacant space was unchanged, closing Q2 2018 at 1.5%.
Average asking lease rates reached new heights in Q2 2018, closing the quarter at $0.92 per sq. ft.
Four new buildings broke ground during Q2 2018 pushing under construction activity to its highest point since Q2 2015. The increase in development activity in North Orange County (NOC) has become a welcomed sight due to the gradually contracting industrial base.