First American Title issues report detailing activity of new business/industrial ...
August 7, 1985, SANTA ANA, CALIFORNIA
The study defines new business/industrial park inventory as land, building or space in a park setting, that has not been previously leased or sold. Industrial/business parks included in this survey must be at least five acres in size.
Highlights of the 66 parks surveyed indicate that acreage totaled 2,782 with 71 percent, or 1,978 acres, developed. Square footage totaled 13,796,986 with 5,905,326 square feet vacant.
"This is an increase of 1,917,654 available square feet since our last survey released in May 1984," according to Robert Patterson, director of commercial industrial relations at First American.
Both lease rates and purchase rates are listed in this report. Of the 22 parks offering multi-tenant spaces, the prices averaged 78 cents on a gross lease basis.
Eight projects offered improved land for sale with quoted prices averaging $11.39 per square foot. Buildings and units currently available numbered 421 and ranged from a multi-tenant unit of 720 square feet to a free standing building of 360,000 square feet.
Seven of the parks surveyed offered rail facilities within their park (three Southern Pacific and four Santa Fe).
Copies of this report may be obtained by contacting Jan Greene at First American Title Insurance Company, 114 East Fifth Street, Santa Ana, CA 92701, (714) 558-3211, ext. 223.