Los Angeles industrial real estate outperforms nation
April 28, 2010 by admin
Filed under california, Positive Real Estate
Image via WikipediaFrom LA Times
Industrial property landlords are suffering in most of the country – but not so much in Los Angeles, a real estate brokerage said Tuesday.
Vacancy in the U.S. increased for a 10th consecutive quarter to 10.9% in the first three months of this year, Grubb & Ellis said. Asking rents were down almost 7% from a year ago. With the economy finally starting to improve a bit, the pace of deterioration in the industrial real estate market is easing, “but not quickly,” said the brokerage in a report.
In Los Angeles, vacancy rose a smidgen from a year ago to a mere 3.4% in the first quarter, though that was a six-year high. Asking rents have been coming down for the most part since 2008.
