Vacancy Below Pre-Pandemic Levels
The South Bay industrial market closed out the first quarter with 1.05 MSF of positive net absorption. The overall vacancy rate decreased to 1.1% from 2.3% at the end of 2020 and 30 basis points below its mark from 1 year ago. The Ports of L.A. and Long Beach continue to work their way through the congestion of cargo ships that can be seen from much of the Southern California coastline. Container trade in 20-foot equivalent units (TEUs) is up 21% in Los Angeles and up 32% at Long Beach compared to the first two months of 2020.