Vacancy remained unchanged at 5.2%, and leasing momentum remained positive ending Q4 2017 with 231,104 sq. ft. of positive net absorption.
Average asking lease rates further increased to $2.71 per sq. ft. with even higher average regional starting and effective rents.
Although many neighboring markets have slowed down retail construction projects, the Greater Los Angeles market delivered over 400,000 sq. ft. of new space to the market with an additional 801,577 sq. ft. actively in development.
Net absorption for Q4 2017 was positive at 231,104 sq. ft. This brought the year-to-date total net absorption for the region to negative 176,121 sq. ft.