2.7% vacancy rate, up sharply from last year’s 1.4% rate and even ridiculously lower 0.9% in 2021.
That’s 47 million square feet of “officially” empty warehouse space out of a total supply of 1.74 billion square feet of space. Or, in terms of football fields worth of real estate, that’s loosely 800 vacant out of 29,000.3% vacancy rate – 18 million square feet empty out of 615 million – up from last year’s 1.2% rate and 0.5% in 2021.Orange County:3% vacancy – 4 million of 129 million – vs. last year’s 2.2% rate and 1.9% in 2021.
The current level of Southern California’s empty warehouses is below its 3.2% average vacancies. The same can be said for the Inland Empire , Orange County , and San Diego .Logistics companies got a little crazy with leasing habits mid-pandemic when in-person shopping was limited and deliveries became the hot, new thing.
Much of these empty warehouses are in the Inland Empire – 30 million square feet of subleases is 4.9% of its supply. Los Angeles has 16 million square feet or 2.1% of the supply. Orange County’s 4 million is 1.8% of the supply. And San Diego’s 4 million is 3.4% of the supply.All that mid-pandemic warehouse excitement got developers in a building mood.
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