· Industrial space demand has softened, raising the vacancy rate from 1.8% to 5.5% over eight quarters.
· Net absorption in 2024 hit its lowest level in over a decade.
· Rental rates continued to decline throughout 2024.
· Available sublet space reached a record high.
· Tenant activity remains weak, indicating slower business growth plans.
· Market uncertainty is tied to the U.S. elections and potential tariff impacts. ·
Leasing activity fell 5.3% for the year, with Q4 down 28% from 2023.
· Orange County’s net absorption was negative 1.19 million SF in Q4 and negative 5.27 million SF for the year.
