|
|
Article: Market tightens amid port traffic, demand for warehouses.(MID-CITIES)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 23, 2007
- Author:
CopyrightCOPYRIGHT 2007 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
High quality building stock and traffic from the ports of Los Angeles and Long Beach kept vacancies near capacity and rent prices high in the Mid Cities region during the first quarter.
Industrial vacancies declined to 2.2 percent in the region, which includes Buena Park, Cerritos and La Mirada, from 2.3 percent in the fourth quarter of 2006 and 2.5 percent a year ago. Rents remained at 55 cents per square foot, according to Grubb & Ellis Co.
Stephen Batcheller, a senior vice president in the institutional properties group at CB Richard Ellis Group Inc., said the area's vacancy rates reflect the region's amenities.
"It's the absolute geographic ...