Industrial Real Estate Market Remains Robust
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The market for industrial real estate in the San Fernando and Santa Clarita valleys remains strong, according to the 8th Annual Market Review and Forecast by the American Industrial Real Estate Assn.
Last year, more than 6.5 million square feet of industrial space was leased or sold in the region. In the Santa Clarita area, lease rates and sales prices rose over 7% due to a 3% vacancy rate.
The East Valley continues to be vigorous with average lease rates of 58 cents per square foot and sales prices of $60 per square foot, compared with 64 cents and $84 in the West Valley.
The panel predicted that low vacancies and steady growth in several industries in the area will likely buffer any slowdown in the market this year.
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