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Regional Summaries

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Orange County

Apartment
The Orange County apartment market vacancy rate reached 4.0% by the middle of last year and closed out the first quarter of 2019 at that rate as well. At $1,961 and $1,890 per month, first quarter asking and effective averages were up 0.5% each for the period following gains of 3.6% and 3.4% for 2018 all told.
Industrial
Vacancy in the 104.5-million-square-foot Orange County warehouse/distribution market was 7.0% in the first quarter of 2019, up 40 basis points for the period. Reis put first quarter average asking and effective rates for warehouse/distribution space at $7.53 psf and $7.11 psf, up fully 0.8% and 0.7% for the period following increases of 2.2% and 2.6% all told last year. First quarter 2019 vacancy in Orange County's 59.8-million-square-foot Flex/R&D sector was just 4.2%, same as the quarter before after a loss of 10 basis points through 2018. At $11.97 psf and $11.19 psf first quarter average asking and effective lease rates for local Flex/R&D space were up 0.6% and 0.5% for the quarter following increases of 2.1% each through 2018.
Office
Nearly motionless at about 15.5% since early 2016, the Orange County general purpose, multi-tenant office market vacancy rate moved upward in the fourth quarter of 2018 to close the year at 15.9%. It moved upward again in the first quarter of 2019 to 16.3%, the highest rate recorded by Reis for this market since the end of 2014. At $34.37 psf and $25.86 psf, asking and effective averages for the first quarter were up 0.7% each for the period following gains of 4.0% apiece all told in 2018—after increases of 3.5% in 2017.
Retail
Vacancy in the Orange County community-neighborhood shopping center market has run in the range of 5.0% to 5.5%, roundly stated, since 2012. The rate for first quarter 2019 was 5.1%, same as a quarter earlier following an overall flat performance in 2018. Average asking and effective lease rates for community and neighborhood center space, in a spotty performance, grew by only 1.2% each overall last year following gains at about 2.0% each the year before. At $34.16 psf and $30.23 psf, rents were up 0.3% each for the period.

Source: Data provided by Reis, inc.

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