In Q3 2020, user transaction activity skyrocketed in the Greater Los Angeles (GLA) Industrial Market, increasing 55.6% quarter over quarter and 58.3% year over year to 11.5 million square feet.
Despite the significant increase in activity, the rate of available (5.2%) and vacant (2.3%) space remained static as new deliveries kept pace with the increased demand.
The GLA Industrial Market averaged 6.9 million square feet of available sublease space since April and had approximately 6.4 million square feet available at the end of Q3 2020. Although sublease availability stabilized, the amount of vacant sublease space remained elevated.
The construction pipeline delivered 2.1 million square feet of industrial space in Q3 2020, with 303,000 square feet pre-leased.