Record Set in Orange County Absorption of Industrial Space
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A record 13.2 million square feet of industrial space was absorbed in Orange County last year, an increase of 36% over 1986, according to a report released by Coldwell Banker Commercial Real Estate Services.
The end of the year was particularly active, with a record 4.46 million square feet absorbed in the last quarter alone, breaking the previous record of 3.7 million square feet set in the third quarter of 1978, according to Mark J. Mattingly of the firm’s Santa Ana office.
The overall industrial vacancy rate is 12.5%, or 18.8 million square feet available at the end of 1987, a 12.4% decrease from the space available at year-end 1986.
Vacancy in the high-tech/R&D; market is 22.4%, with the manufacturing/warehouse segment at 9.2% vacancy, Mattingly added.
“This year should again be very active for the industrial market, with increases expected in high-tech/R&D; absorption, especially in the proven market areas of north and south Orange County,” he said.
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