It’s all getting to be a little easy to scan past the headlines around deals, properties leased/sold/bought – in all sectors of Southern California commercial real estate – but new research from StorageCafe shows the Los Angeles DMA is humming/buzzing/smoking.
StorageCafe’s aim is to have a look at “everything that America built in the last decade – from residential to self storage to office space” – in order to find the most active U.S. real estate markets, according to a news release.
Without ado, some key L.A. findings:
From 2012 to 2021, the Los Angeles-Long Beach-Anaheim metro area issued over 195K building permits for multifamily units, behind only NY and DFW metros.
The single family sector also expanded in LA, with approx. 89K building permits issued for new single family homes. While close to 5K new single family homes were planned in 2012, by 2021, that number more than doubled to almost 11K new homes.
Roughly 30.5M square feet of new office space have been built in Greater LA over the last decade.
The Los Angeles self storage sector grew exponentially as well, with over 7.7M square feet added to the local inventory over the last decade. Over 1M square feet of self storage space was added in 2021 alone.