Los Angeles Leads Nation in Industrial Vacancy
Los Angeles is leading the nation for industrial vacancy rate. According to a new report from Newmark Knight Frank, the market has a 1.3% vacancy rate and has seen 21 consecutive quarters below 2%. Net absorption also continues to outpace new construction activity, with 4.7 million square feet absorbed in 2019. The activity is largely attributed to the robust port system in the Los Angeles area.
“More than 40% of the nation’s imports enter the U.S. through the Ports of Los Angeles and Long Beach, which combined are the nation’s busiest seaport and eighth in the world.