Industrial property in the San Fernando Valley is one of the most in demand products in all of Southern California. At the end of 2017, both the average asking rental rate and vacancy rate broke records. The razor thin vacancy rate of 1.3% is the lowest rate ever for the region. Low supply coupled with high demand caused rents to rise 17.7% over the year. The $0.93/SF NNN asking rent is now 24% higher than the prior peak rate in 2008.
The Santa Clarita Valley is the next viable location for users seeking industrial space in the North Los Angeles area. The availability of industrial space in Santa Clarita is higher at 8.6% compared to just 2.2% in the San Fernando Valley. While rents have grown 6.6% over the year to $0.70/SF, they are 20.8% less than the San Fernando Valley and 15.7% lower than Los Angeles County overall.
Chris Jackson, Executive Managing Director and local industrial market expert can be reached at (818) 933-2368 or email@example.com.