85.7 F
San Fernando
Wednesday, Jun 7, 2023

Industrial Space Shortage Cited

A just released real estate report found that there is virtually no industrial space to be had in some submarkets of the San Fernando Valley. The report from Colliers International covered the fourth quarter of 2006. It found that the overall vacancy rate for industrial space at the end of the fourth quarter was 2.9 percent. But in the central and east Valley, vacancy rates were 0.4 percent and 1.4 percent respectively, “reflecting a virtual absence of any vacant space,” the report concluded. Space was somewhat more plentiful in the Santa Clarita Valley where vacancy rates for the same period were highest at 7.3 percent. According to the report, sale prices stabilized somewhat in the fourth quarter. Average sale prices dropped to $131 per square foot, down from $135 per square foot for industrial properties. Small buildings however, continued to carry a premium, averaging $147 per square foot.

Featured Articles

Related Articles