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SoCal Industrial Sale Prices Shoot Through Roof
The SoCal Basin’s industrial product is hot. Research by JLL reveals sale prices for industrial properties in Los Angeles county have been fast increasing and are currently at record highs.
Based on properties sold, sale prices have increased by more than 69% in the last five years and 17.3% year-over-year, for all buildings greater than 10,000 square feet.
JLL researcher Teresa Petrosyan says, “We see sale transactions happening at and above $300-per-square-foot in the LA Basin. Recently a 12,006-square foot property at 616 S Anderson St. in Los Angeles sold for $366.48-per-square-foot and a 11,870–square-foot building at 12767 Foothill Blvd. in Sylmar for $300-per-square-foot.”
The high demand from owner/users and investors, and limited on-market opportunities, have pushed asking prices up to historical highs for all industrial properties regardless of class and size. Despite the increased prices however, buyers continue to enter the market in search for space to buy.
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