Central Los Angeles Rents Continue to Climb
The Central Los Angeles industrial market closed out the first quarter with 75,429 SF of positive net absorption. The overall vacancy rate decreased to 0.4% from 1.1% quarter over quarter and 170 basis points below its mark from one year ago. Average asking rents continue their meteoric rise, up 54% from this time last year and 114% above the mark from five years ago. Industrial demand is heavily concentrated in the Vernon and Commerce submarkets, with food production and apparel manufacturing remaining the top industries.