San Gabriel Valley Industrial Overview
The San Gabriel Valley industrial market closed out the first quarter with 328,319 SF of positive net absorption. The overall vacancy rate increased to 1.2% from 1.0% at the end of 2020 and 70 basis points below its mark from 1 year ago. Despite positive net absorption, vacancy slightly increased due to 627,480 SF delivering vacant. Average asking rents increased 5.9% quarter over quarter, bringing the weighted average to a historical high of $0.92 NNN PSF per month. Construction activity remains active, with 1.6 MSF currently underway.