August 3, 2017 Comments Off on SoCal Ranks High Among World’s Most Expensive Logistics Markets Views: 1044 California News, Los Angeles

SoCal Ranks High Among World’s Most Expensive Logistics Markets

U.S. industrial hubs posted the strongest growth in prime logistics rents for the past year, including the Greater Los Angeles area. Asian markets remained the world’s most expensive, as demand for top-quality warehouses and distribution centers continued to outpace supply globally, according to a new report from CBRE.

CBRE’s Global Industrial & Logistics Prime Rents report found that prime rents in 70 major markets across the world increased by 2.2% on average in Q1 2017, compared to the same period a year ago.

Prime industrial and logistics rents in SoCal climbed 9.2% year-over-year, placing the region No. 6 globally. The largest percentage change was 16.9% in Seattle.

CBRE’s Kurt Strasmann says, “Industrial rents in the Greater Los Angeles region continue to build upon a steady foundation. We are seeing a tremendous amount of Class A and B products leasing quickly at record high rents due to the lack of supply and a continuous increase in demand for these types of facilities.”

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