San Gabriel Valley Market Fundamentals are Stronger Than Ever
The San Gabriel Valley industrial market closed out the fourth quarter with 571,888 SF of positive net absorption and 2.1M SF for the year. The overall vacancy rate decreased to 0.4% from 0.6% at the end of Q3 2021 and 60 basis points below its mark from one year ago. Average asking rents increased 7.7% quarter over quarter, bringing the weighted average to a historical high of $1.19 NNN PSF per month. Construction activity remains active with 1.5M SF currently underway. Like the rest of greater Los Angeles, the San Gabriel Valley has historically low vacancy and exponential growth in rental rates.