MARKET TRENDS
- Vacancy increased by 70 basis points (bps) in the second quarter to 8.9%. The Orange County industrial market recorded 178,155 square feet (sf) of positive absorption in Q2 2026.
- There is 794,640 sf currently under construction, with 260,899 sf delivered in Q2. Industrial inventory continues to grow through office-to-industrial conversions, including 1 & 3 Banting in Irvine Spectrum.
- As vacancy remains elevated, asking rents continue to decline, falling to $1.35 per square foot, down 4.9% from the previous quarter and 8.2% year over year.