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A Closer Look at the Los Angeles Industrial Market

Jolanta Campion • 8/25/2023
The available space on the market in Los Angeles (LA) hit a low point in Q1 2022 at 11.5 million square feet (msf) but has been rapidly rising since then. By mid-2023, it had reached 30.0 msf.   
  1. Available Space on the Rise 
    Through the first two quarters of 2023, 11.3 msf has been added to the Los Angeles industrial market available for lease, an increase of 61% since the end of 2022.  

  2. Have Rents Peaked? 
    The overall asking rate in LA had been on a steady growth trend for 18 consecutive quarters, averaging 4.4%.  

  3. Construction Activity Remains Hot 
    The level of inventory currently under construction is the highest in the last 10 years.  

  4. Who is Leasing New Space? 
    The transportation, warehousing and utilities industry as well as retail trade have gained significant leased market share since the COVID-19 pandemic. 

  5. Port Activity Declining 
    Port activity in LA has seen a decline in the first half of 2023 compared to the previous year.  

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