Action Returns to the Valley
The San Fernando Valley & Ventura County industrial market continues to show strong market fundamentals with 1.4 MSF of positive net absorption. The overall vacancy rate decreased to 1.3% from 1.7% at the end of Q1 2021 and 140 basis points below its mark from one year ago. Construction activity remains robust with 2.8 MSF currently underway. 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 we will continue to see strong market fundamentals in future quarters as options for Class A buildings are limited.