LOS ANGELES-A recent research report from CBRE shows Southern California industrial development in the third quarter has reached record levels since the recession, and is currently leading the industrial market. With 18 million square feet under construction, Southern California industrial development is twice that of Dallas and four times that of Chicago.
Leading the Southern California market, the Inland Empire has 13.9 million square feet of industrial development under construction with a 5.1% vacancy rate. At its height, in quarter four of 2007, the market had 19 million square feet under construction, before dropping dramatically in the first quarter of 2008 to 11.2 million square feet.
Los Angeles has 3.2 million square feet under construction and a 2.4% vacancy rate, which is about the square footage under development in quarter one of 2008. Before the recession, the market peak was 6 million square feet under construction.
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Kelsi Maree Borland
