By submarket, LA Central has an overall vacancy rate of 4.1%. The LA Central market consists of 10,127 buildings with an inventory of almost 6 million sf. Of that inventory nearly 23 million sf is vacant. The amount of industrial space under construction is 1.7 msf, with 86,044 sf of construction completed as of the year to date. For the first quarter 2002, net absorption is negative 1.1 million sf. Leasing activity for the year to date is 2 million sf.
The LA North submarket has an overall vacancy rate of 4.8%. This submarket has a total of 5,566 industrial buildings with an inventory of 210 million sf. There is about 10 million sf of vacant space in the LA North market. The amount of industrial space under construction is 899,951 sf, of which 125,199 sf has been completed for the year to date. Net absorption for the first quarter 2002 is 13,943 sf, Leasing activity for the year to date is 1.1 million sf.
LA South Bay, with an overall vacancy rate of 4.5%, has a total of 5,125 industrial buildings. This translates to 237 million sf of inventory, of which 10.6 million sf is vacant. While 925,800 sf is under construction, there have been no completions of any project for the year to date. Net absorption for the first quarter 2002 is 564,679 sf. Leasing activity for the year to date is 2 million sf.
For the entire LA County, overall vacancy rates measured 4.3%. There are 20,818 buildings in the market, with over 2 billion sf of inventory. Of that inventory, 43.9 msf is vacant. Construction in the market is recorded at 3.5 million sf, with 211,243 sf of construction completions for the year to date. Net absorption is negative 590,476 sf. Leasing activity for the year to date is 5.3 million sf.
By property type, warehouse and distribution has the greatest inventory. The sector measures 758 million sf, with 34.7 million sf vacant, which is a 4.6% overall vacancy rate. Next largest is manufacturing with 198 msf of inventory, of which 6.9 million sf is vacant or a 3.5% vacancy rate. Following that is technology with 37.5 msf of inventory and 1.1 million sf of vacant space. The overall vacancy rate is 3%. The smallest sector is office services, with 23.6 million sf of inventory, with 1 million sf of vacant space, which is a 4.4% vacancy rate.
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