Los Angeles Northwest region continued fierce competition through the fourth quarter with a .1% drop in vacancy rates totaling 1% now available. Weighted Average Asking Rent (NNN) increased $.01 per square foot from 3Q bringing averages to $.81 (NNN). Current construction by submarket showed LA Northwest in second place behind LA East. LA Northwest reported 1,104,333 sq.ft. while least-under-construction market LA Central showed 626,818 sq.ft. Lastly, LA northwest posted 100,029 square feet of Total Quarterly Net Absorption.
In my opinion lease rates and square foot prices will stay the same or increase as seen in Weighted Average Asking Rent (NNN) increase. No noticeable movement from increased financing rates as of yet. Additionally, with with such little inventory the pricing and values are highly compressed – Sellers market.
To see full report from Xcelligent click here or on photo. ***
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*** Data from sources deemed reliable however information not confirmed or warranted for accuracy. Prospective buyers/sellors/lessors/lessees must do their own research.