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Article: San Gabriel Valley: warehouses sit empty as port business slows.(REAL ESTATE QUARTERLY)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 20, 2008
- Author:
CopyrightCOPYRIGHT 2008 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)
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The San Gabriel Valley watched its industrial real estate market take another hit last quarter as import activity at the ports continued to dip.
The effects are clear: Sale and lease activity during the July-September period was off by 75 percent from the same quarter a year ago, according to figures from Grubb & Ellis Co.
"The ports of L.A. and Long Beach have always grown by 8, 10, 12 percent every year for the last eight to 10 years. That's significant because we keep building these warehouses to house the boxes that come off these ships. When that activity goes down, that's a problem," said Tim O'Rourke, executive ...