Rexford Industrial Realty is anticipating 15% market rent growth this year in the Southern California infill markets that make up Rexford's massive industrial portfolio, the companies co-CEOs said in a Q4 earnings call last week.
Rexford said its acquisitions binge of infill industrial sites in off-market transactions—which in 2022 totaled $2.4B in 52 transactions encompassing 5.9M SF as well as nearly 32 acres for near-term redevelopment—will continue in 2023.
Rexford said it already has closed this year on two stabilized transactions totaling $405M, has more than $125M worth of "highly accretive transactions" in its pipeline under contract or accepted offer—and has identified as suitable candidates for acquisition off-market properties encompassing 250M SF of industrial space.
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