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Los Angeles is one of the highest markets for logistics rents, and while the trend started with class-A product, it is now expanding to class-B and C product as well.
The new record, reported by the New York City Economic Development Corp. based on New York State Department of Labor statistics, surpassed the June jobs total of 4,442,200.
Having already partnered on an acquisition from Starwood Hotels, Trinity Investments and Oaktree Capital Management plan more lodging investments in Trinity's core markets here and abroad.
With up to 30% price differentials between class-A and class-B space and conversions and renovations being better suited to those smaller buildings, it's not surprising that absorption is greater in that space, PMRG's Oliver Fleener tells GlobeSt.com.