Sales activity has picked up in the midyear, and it is showing. Many professionals in the industry are reporting a summer rise in transaction volume—typically at a time of the year with activity slows for vacations. This week, the transaction volume was strong, with significant acquisitions and capital markets activity across asset classes and in diverse Southwest markets. Overall, industrial and multifamily product seems to continue to dominate, and the outlook for both sectors is strong through the end of the year, which means we will likely seem more deal activity like this. Additionally, employment activity ticked up slightly after a small slowdown with no announcement for the past couple of weeks. Below are a round up of the most noteworthy sales from the week, as well as a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

With strong rent growth and low vacancy rates, Los Angeles is expected to become the third ranked industrial market in the nation. This activity is resulting in ample new construction at a the highest pace since 2007. This year, there will be 6.6 million square feet of industrial space under construction and 2.4 million square feet delivered in the market. This is the biggest supply increase in more than a decade, and it will trigger a 30-basis-point rise in the metro vacancy rate to 2.4%. In the prior four quarters, vacancy rose 10 basis points as supply outpaced net absorption. The average asking rent is expected to increase 8.6% to $10.23 per square foot as tenant competition pushes up prices in core industrial submarkets. Value-add properties in outlying submarkets will attract greater selling prices as tight operations in proximity to the ports sponsor more tenants to move outward.