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IRVINE, CA—In an extremely tight industrial market like Southern California, tenants must start thinking about and researching space early and may need to be flexible in their requirements in order to meet their needs, Barry Saywitz, president of the Saywitz Co., tells GlobeSt.com. We sat down with Saywitz for a chat about how tenants are dealing with the lack of available space and how they are meeting their space needs.
GlobeSt.com: How do industrial and manufacturing tenants deal with a tight market and limited options for space?
Saywitz: We deal with it every day. The issue is the industrial market, all over Southern California except for a few pockets of areas, from Otay Mesa to Orange County to South Los Angeles County by LAX and the airport and the mid-cities area, out to the Inland Empire—the markets are all tight. Vacancy is extremely low. The L.A. industrial market is the tightest in the country, and the rest of the markets here are not far behind. So, it's a dilemma: if you need any kind of specialized industrial space, it's difficult to find. Tenants that need higher ceiling height, a big yard or extra lab space have even further-reduced options from what was already a small list.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
