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Regional Summaries

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Orange County

Apartment
The Orange County apartment market vacancy rate closed the third quarter of 2017 at 3.6%, up 10 basis points for the period and up 30 year-to-date following the increase of just 10 through all of 2016. At $1,863 and $1,801 per month, asking and effective averages in the third quarter represented year-to-date increases of 3.4% and 1.8% following increases of 2.5% for both rates through 2016. Growth rates for the third quarter of 2017 alone were positive 1.6% for both rates.
Industrial
Vacancy in Orange County’s 103.0-million-square-foot warehouse/distribution sector has run in the middle single digits for a number of years. Rents are high; price growth is strong. By the third quarter of 2017, the vacancy rate declined to 6.4%, up 20 basis points for the period but down 30 year-to-date following a loss of 120 all told in 2016. Reis reports third quarter average asking and effective lease rates for warehouse/distribution space at $6.98 psf and $6.56 psf, very high by national norms and up fully 3.1% and 3.3% year-to-date following increases of 4.0% and 4.3% all told in 2016. Gains in the third quarter alone were 1.2% for both averages. Third quarter vacancy in the 59.8-million-square-foot Orange County Flex/R&D sector was just 4.5%, down 30 basis points year-to-date after 2016’s decline by 20. At $11.32 psf and $10.58 psf, also high by national norms, third quarter average asking and effective lease rates for local Flex/R&D product were up 2.9% and 3.2% year-to-date. Increases of 1.1% are reported for both averages in the third quarter.
Office
The Orange County general purpose, multi-tenant office market vacancy rate, which peaked at 21.0% during 2010, closed the third quarter of 2017 at 16.0%, unchanged since the end of 2016 following a decline on the order of 50 basis points that year. At $32.18 psf and $24.23 psf, asking and effective averages for the third quarter were up 1.5% each year-to-date following increases of 3.8% and 3.9% through 2016. Gains for the third quarter alone were 0.6% each.
Retail
The Orange County community-neighborhood shopping center vacancy rate in the third quarter of 2017 was 5.3%. A quarter and three quarters earlier, the rate was 10 basis points higher—following a 30-basis-points increase through 2016. At $33.52 psf and $29.61 psf, respective asking and effective averages for the third quarter were up 1.5% and 1.6% year-to-date. Gains in the third quarter alone were 1.1% and 1.2%.

Source: Data provided by Reis, inc.

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