The OC Industrial market began Q1 2020 with positive momentum from Q4 2019. Several leases over 100,000 sq. ft., such as Total Transportation's 309,000-sq.-ft. occupancy in the city of Fullerton, were completed in January and February.
The lack of available Class A space pushed development with 1.4 million sq. ft. of Class A space under construction.
The average asking lease rate increased 8.7% year over year to $1.00 per sq. ft.