The Valley Posts Strong Numbers as Economy Picks Up
The San Fernando Valley & Ventura County industrial market was white hot in the fourth quarter, posting 2.5M SF of net absorption. The overall vacancy rate decreased to 0.5% from 0.8% at the end of Q3 2021 and 140 basis points below its mark from one year ago. Construction activity remains robust with 1.8M 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 film and television production for a good part of 2020, but as restrictions have eased, the Valley is booming and the industrial market set new records with vacancy and average asking rents.