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SOUTH BAY INDUSTRIAL MARKET BEGINS 2009 FIRMLY IN RECESSION; VACANCY RATE AT 4.1%
The first three months of 2009 saw the deterioration in the global economy accelerate. In what is already the longest and most severe recession since the end of World War II, the South Bay industrial market has seen the total vacancy rate increase an additional 40 basis points from 3.7% at year-end 2008 to 4.1% in Q1 2009. While vacancy still remains relatively low, the increased availability rate of 7.6% means more industrial space is now on the market than at any time in the last six years.
Average asking rental rates continued to decrease ending Q1 at $0.64 per square foot per month Triple Net (NNN). In addition, average sales prices PSF continued to decrease from $120 PSF reported at year-end 2008 to $117 PSF at the end of Q1. Together, worsening economic fundamentals
and continued problems in the financial markets have caused the South Bay industrial market to begin 2009 firmly in recession.
Contact Michael Soto at 213.532.3220 for more information.
  INDSB09Q1.pdf
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