Availability sees slight increase with new deliveries, demand holds steady
Overall availability in Orange County ended the quarter at 19.2%, a 20-basis-point increase over the year, due in part to a robust development pipeline. 1.3 million square feet (msf) of new product delivered in the past year, with an additional 1.6 msf currently under construction. With a significant amount of high-quality, new space on market, deliveries are also pulling up average asking rental rates. Asking rates for all classes ended Q1 at $35.32 per square foot (psf), increasing 8.0% yearover-year. Class A asking rents also experienced an increase, rising 7.7% to end the quarter at $39.06 psf. Quarterly leasing activity totaled 1.6 msf, a 12.2% increase year-over-year.