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LA Industrial Space Roughly 4% Vacant

LOS ANGELES-For the entire LA County, overall vacancy rates measured 4.3%, which means 43.9 million sf stands available for lease%, according to a first quarter 2002 report by Cushman & Wakefield. Leasing activity year-to-date is 5.3 million sf.

By Peter Landau | Updated on April 23, 2002

LOS ANGELES-Overall vacancy rates for Southern California industrial space have hit 6%. The LA County area has measured slightly better with 4.3%, according to a first quarter 2002 report by Cushman & Wakefield.

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.

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