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.