Los Angeles industrial real estate market report

Q4 2023

The Los Angeles industrial market continued to fall back to earth after growing at record setting pace in 2021 and 2022. Occupiers continue to shed any unused space and port volumes have continued to decrease throughout Q1-Q4 2023.

-190k sf

Net absorption

Total net absorption for Q4 was up to -190,961 square feet. Although still in the negative, this value is 900,000 sf higher than Q2 and Q3 2023.

$1.75 psf

Lease rates

Average asking NNN lease rates have increased in Q4 to $1.75 per square foot. This escalation comes after two consistent quarters at $1.74 a square foot.

3.7%

Vacancies

Direct vacancies climb to new highs for the LA Industrial market. With no need for excess inventories spurred by the pandemic, occupiers have made decisions to shed any unused space.

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