Southern California industrial vacancies reached a new low in the first quarter, NAI Capital reported, with the brunt of the space shortage borne by companies signing new leases. At the same time, industrial rents across SoCal reached a new high, climbing 25% year over year.
Within SoCal, each industrial market laid claim to a superlative, although all have seen impressive growth. Los Angeles County’s asking rents climbed 28.8% Y-O-Y for the fastest annual growth in the region. The Inland Empire’s median sales price rose 51.5% from a year ago, the biggest annual increase for that metric.
At $350 per square foot, Orange County commanded the highest median sales price per square foot for industrial space in the region. Ventura County’s key distinction is in vacancy, with the lowest amount of available space anywhere in SoCal. Compared to Q1 2021, vacant industrial space in Ventura County plummeted 63.7%.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).