Los Angeles has shown, by far, the highest dollar volumes of industrial transactions early this year, according to data from Yardi Matrix. As of February 29, the metro area had $435 million in sales.

"Nearly half of that volume is due to CenterPoint spending $196.5 million acquiring four properties in the South Los Angeles submarket," the report said. "The submarket is supply constrained and offers access to the ports as well as transportation networks. Investor appetite remains strong for Los Angeles properties, but price gains have plateaued following a period of rapid gain."

The price per square foot so far in 2024 has been $320. That compares to the national average of $132 and is even more than the trend in the area. Average sales prices grew 44.7% between 2019 and 2021. That was a lift from $190 per square foot to $294, which set a high base. Since then, however, the average sale price grew only 8.9% to reach that $320 figure.