Byron Foss Foss: “Just as sales prices and average rents are at record highs and more and more tenants are signing early renewals in order to secure their space, average lease terms have also extended.”

IRVINE, CA—Industrial tenants in Orange County are trying to hedge against rising rents and lower vacancy by signing longer-term leases, plus landlords are requiring longer terms in order to stabilize an asset or secure debt, JLL EVP Byron Foss tells GlobeSt.com. According to a recent report from the firm, over the past five years, average lease terms have experienced a 19 % increase, going from an average of 50.7 months in 2012 to 60.5 months in 2017.