Industrial rents in the San Gabriel Valley have hit a new record. According to research from NAI Capital, industrial rents in the popular L.A. submarket are up 16.4% year-over-year to $0.84 per square foot.
Rents are increasing rapidly. Quarter-over-quarter, rents have increased 7.7% quarter-over-quarter.
The rapid increase in rents have fueled development activity. The new construction pipeline is 1.5 million square feet, an increase of 43.9% over last year.