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Demand Remains Slack; Asking Rents Fall To 2007 Levels
Economic fear has stifled demand in the San Gabriel Valley industrial market. This quarter the vacancy rate increased to 6.0%, the highest vacancy rate this market has seen in over a decade. The total availability rate, which includes vacant as well as occupied buildings that are being marketed as available, has jumped to 9.7%. This indicates that the vacancy rate is likely to rise in the future.
Net absorption has remained negative for the quarter with negative 1.5 million SF being vacated.
Most of this negative net absorption occurred in the largest space size (100,000 SF+) located in the Industry submarket. This was due to several large vacancies this quarter, such as Circuit City vacating a 467,000 distribution center in the City of Industry.
Contact Thomas Galvin at 909.937.6309 for more information.
  INDSGV09Q1.pdf
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