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Market Report

Orange County Industrial Market Report

Midyear 2023

Orange County Remains Home to West Coast’s Lowest Vacancy,
Despite a Historic Delivery Wave

Supply influx gauges local need for modern facilities. Industrial vacancy in Orange County has held below the 3 percent threshold for nine consecutive quarters, a stretch characterized by moderate supply additions and encouraging leasing at existing properties. This performance warrants a refilling of the pipeline, a dynamic that is well underway. During 2023, delivery volume is expected to surpass the total from the prior four-year span by 450,000 square feet. As of June, nearly two-thirds of the 2.8 million square feet slated for finalization was unaccounted for. Spread across at least 15 speculative properties, a portion of this available space will not secure a tenant over the near-term, placing upward pressure on vacancy during the second half. Nevertheless, the metro is expected to end the year with one of the nation’s lowest rates in this metric.
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