• A string of high-profile big box retail closures hit the Greater Los Angeles (GLA) market hard in Q1 2019, leading to negative 323,162 sq. ft. of net absorption.
  • Overall vacancy rose 30 basis points (bps) quarter over quarter to 5.4% and 40 bps higher than the same period the year prior. Average asking lease rates dropped slightly to $2.40 per sq. ft. with the influx of new space on the market.
  • Greater Los Angeles’ average asking lease rate decreased by 5.5% year over year ending Q1 2019 at $2.40 per sq. ft.