MARKET TRENDS
- Vacancy increased by 30 basis points(bps) in the third quarter to 3.2%, while net absorption was negative for the third consecutive quarter tallying -87,184 square feet (sf). Much of this negative movement stemmed from the Airport Area.
- The top two lease transactions in 3Q were located in Irvine Spectrum: Bio-Rad Laboratories subleased 146,482 sf and Dzyne Inc. signed 126,497 sf. Pyramid Logistics also signed 114,912 sf in Huntington Beach.
- Due to current economic conditions, the asking rental rate for industrial space is stabilizing recording $1.76 NNN in 3Q, a $0.03 increase from one quarter ago and a 21.3% increase from last year.