Lights, Camera, Where Did The Vacancy Go?
The San Fernando Valley & Ventura County industrial market continues to show strong market fundamentals, with 1,012,534 SF of positive net absorption. The overall vacancy rate decreased to 0.8% from 1.3% at the end of Q2 2021 and 160 basis points below its mark from one year ago. Construction activity remains robust with 3.2M SF currently underway. The most populous region of Los Angeles, the Valley, is home to major motion picture, music recording and television production companies. The pandemic put a stop on movie/television production for a good part of 2020. As restrictions have eased, the Valley is booming and the industrial market set new records with vacancy and average asking rents.