MARKET TRENDS
- Vacancy increased by 80 basis points (bps) in the second quarter to 2.9%, while net absorption was negative for the second consecutive quarter at -237,687 square feet (sf). Much of this negative movement stemmed from the North County.
- The top lease transactions in 2Q were renewals and all located in North County. Bunzl Distribution California renewed 319,715 sf in Anaheim, Cargill Inc renewed 301,470 sf in Fullerton and Freeman Expositions renewed 300,000 sf in Anaheim.
- Due to economic uncertainty, the asking rental rate for industrial space is stabilizing recording $1.75 NNN in 2Q, a 1.2% decrease from one quarter ago.