The Greater Los Angeles (GLA) Industrial Market ended the year on a high note, with 13.9 million square feet of user activity and 3.9 million square feet of positive absorption in the fourth quarter.
Monthly container volume hit record highs near the end of 2020, and port capacity has become strained as a result.
Los Angeles County unemployment fell six percentage points from 16.8% in August to 10.6% unemployment in November. The unemployment rate decreased since the peak of 20.8% in May, which equates to 723,600 jobs gained.
The average asking lease rate increased by 1.0% quarter over quarter, from $0.91 to $0.92 psf/mo.