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Industrial Activity Picks Up, But Rates Dip

LOS ANGELES, CA-Sales and leasing increased for the third consecutive quarter, according to a CB Richard Ellis report, which says rates dipped to 48 cents per sf per month, the first change in average asking rental rates since the third quarter of 2001.

By Bob Howard | Updated on November 04, 2002

LOS ANGELES, CA-Sales and leasing of industrial space in Los Angeles County increased for the third consecutive quarter, but average asking rental rates dipped for the first time in a year, according to a third-quarter report by CB Richard Ellis.

Compared to second quarter, total sales and leasing activity in the county increased 10% to 13.3 million sf from 12.1 million sf during the second quarter. This year’s third-quarter total represented a 59% year-over-year increase from 8.4 million sf transacted during third quarter 2001. For the first nine months of 2002, industrial activity totaled 35.2 million sf, a 40% increase over the same period last year, the CB report says.

Such brisk activity is unusual for the third quarter, according to Lewis Horne, senior managing director of the Los Angeles Region for CB Richard Ellis, who notes that the third quarter is traditionally slow. Horne says the industrial market’s performance thus far this year suggests that 2001 was the low point for the industrial market.

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