The Valley Posts Strong Numbers As Economy Pics Up
The San Fernando Valley & Ventura County industrial market closed out the first quarter with 581,393 SF of positive net absorption. The overall vacancy rate decreased to 1.7% from 1.9% at the end of 2020 and only 50 basis points above its mark from 1 year ago. Construction activity remains robust, with 3.5 MSF currently underway. Amazon is committed to 3 MSF (87%) of all projects currently under development. The most populous region of Los Angeles, the Valley, is home to major motion picture, music recording and television production companies. As the pandemic restrictions have eased, demand has returned to the region and can expect strong market fundamentals in future quarters.