Rental Rates Continue to Climb as Activity Slows
The greater Los Angeles industrial market is the largest in the United States, totaling 1.69B SF. It has been characterized by some of the highest asking rents and lowest vacancy rates of any market in the nation. The Ports of Los Angeles and Long Beach are the primary industrial drivers and are responsible for roughly 40% of all inbound containers into the United States. Since the COVID-19 pandemic sparked the industrial boom in 2020, average asking rates have increased 95% over the last 24 months and 145% over the last five years.