GLA had the lowest industrial vacancy across the nation this quarter. The GLA vacancy rate decreased 20 bps year over year to 1.4% while the national average stood at 4.4%.
Average asking lease rates reached another record high of $0.93 per sq. ft. per month. Asking rates were driven upwards by 9.4% year over year due to a lack of significant available space and solid demand from a diverse mix of tenants.
The development pipeline delivered 590,000 sq. ft. in Q4 2019, with 6.8 million sq. ft. remaining under construction. The pipeline was historically large, approximately 2.0 million sq. ft. above the five-year average.
The Greater Los Angeles (GLA) region attracted over $1.3 billion in capital in Q4 2019. Volume was approximately equal to the five-year quarterly average. Average price per sq. ft. rose from $171 to $210 year over year.