The rental rate grew 22% from its lowest levels after the recession and capped at $2.56 per sq. ft. in 2019 with vacancies tightening to 3.5%.
The year’s second largest deal, and the largest for Q4 2019, was Life Time Athletic which leased 125,000 sq. ft. at Brea Mall.
With furniture, grocery, department stores and fitness tenants predominantly leasing up big box spaces in OC, only 1.1 million sq. ft. of this space remained available on the market compared with 1.8 million sq. ft. at year end 2018.