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2021 Q3 South Bay Industrial Research Report

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South Bay Market Fundamentals Continue Historic Run

The South Bay industrial market closed out the third quarter with 951,663 SF of positive net absorption. The overall vacancy rate decreased to 0.5% from 1.0% quarter over quarter and 190 basis points below its mark from one year ago. With the region’s extremely low vacancy, asking rents have dramatically increased and competition for warehouse space is at an all-time high. The Ports of L.A. and Long Beach continue to work their way through the historic backlog of cargo ships that can be seen from much of the Southern California coastline. Container trade in 20-foot equivalent units (TEUs) is up 30% in Los Angeles and up 29% in Long Beach compared to the first three quarters of 2020.

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2021 Q3 South Bay Industrial Research Report

Download Report