Full Steam Ahead in Central Los Angeles
The Central Los Angeles industrial market closed out the first quarter with 881,056 SF of positive net absorption. The overall vacancy rate decreased to 1.6% from 2.1% quarter over quarter and 160 basis points below its mark from one year ago. Central Los Angeles's lack of availability in high clear and dock high loading facilities will continue to put upward pressure on rents as tenants struggle to expand in Central Los Angeles. Industrial demand is heavily concentrated in the Vernon and Commerce submarkets, with food production and apparel manufacturing remaining the top industries.