Market Continues Positive Activity To Start 2019
The Los Angeles Basin retail market closed the first quarter on a positive note as net absorption recorded 794,400 square feet. An additional 564,600 square feet was delivered to the base with new construction completions. The Inland Empire market had the highest amount of new construction deliveries, recording 235,400 square feet, with Orange County following with 168,600 square feet and Los Angeles recording lowest with 160,600 square feet. Two of the three counties recorded positive tenant movement with Inland Empire recording the highest at 629,700 square feet of net absorption and Los Angeles following at 224,500 square feet. Orange County recorded negative movement at 59,800 square feet following suit.
The vacancy rate for the Greater Los Angeles region decreased to 5.2%. Vacancy gains have been minimal both on a year-toyear basis (-20 basis points) and from last quarter (-10 basis points). Orange County recorded the lowest vacancy rate at 3.8%, while Inland Empire recorded a vacancy rate of 8.1%.