Employment growth fueled the office markets in Los Angeles County, Orange County, the Inland Empire and Ventura County in Q3 2019.

The industrial market in Southern California is limited by lack of land, except in the Inland Empire. Low availability is leading to higher asking rent in all markets, though the rate of growth is slowing down.

The third quarter marked a change of pace for Los Angeles County’s industrial market. Leasing and sales volume declined significantly year over year, down 44.6% and 40%, respectively. The average asking rent was flat over the prior quarter at $1.01/SF — still the highest on record.

The San Fernando Valley’s industrial market registered a razor-thin 1.4% vacancy rate this quarter while the average asking rent set a new record high.

NAI Capital is proud to be part of the NAI Global network. As one of the largest members of NAI Global, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services.

The average asking rent for office space in our Southern California markets set yet another record, increasing 5.3% over 2Q 2018 to $2.98/SF. Over the same time, the vacancy rate fell 30 basis points to 9.5%.

Los Angeles’ strong office market is growing and creative office is king among new office construction.

Vice President Jesse Paster of the Encino office made his way out to ICSC RECon to take part in the event. He shared three pieces of insight from his experience.

Executive Vice President R. Scott Martin, SIOR with NAI Capital’s Investment Services Group in the Pasadena office was recently honored by the Society of Industrial and Office Realtors® (SIOR), which represents the world’s elite in industrial and office brokerage, for its annual Top Transaction Office Sale of 2018 in the category of Top 50 Transactions.

Congratulations to the Top Brokers of March 2019.