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DEMAND FOR SOUTH BAY INDUSTRIAL SPACE UP IN FIRST QUARTER OF 1992, REPORT REVEALS

 DEMAND FOR SOUTH BAY INDUSTRIAL SPACE UP
 IN FIRST QUARTER OF 1992, REPORT REVEALS
 TORRANCE, Calif., April 16 /PRNewswire/ -- Industrial sales and leasing activity was up in the South Bay in the first quarter of 1992, however, the vacancy rate was also up from a year ago, according to a report released today by Grubb & Ellis Commercial Real Estate Services.
 According to the study, 2,053,062 square feet of industrial space was sold or leased in the first quarter of 1992, up from last year's first-quarter total of 1,513,905 square feet.
 Attractive lease rates generated much of the demand for South Bay industrial space in the first quarter, according to Jeff Smart, senior marketing consultant with Grubb & Ellis' South Bay office.
 "Rental rates have dropped to 1985 levels," said Smart. "The result has been a lot more companies shopping the market, with some taking advantage of the opportunity to lock in at very favorable rates."
 The industrial vacancy rate for the South Bay stood at 12 percent as the first quarter ended, up from the 10.9 percent recorded for the same period a year ago, the report said.
 "The aerospace industry as well as manufacturers are continuing to put space back on the market," said Smart. "The aerospace users are downsizing in response to defense cutbacks, while manufacturers are leaving the South Bay for areas were it's less expensive for them to do business."
 The majority of sales and leasing activity for the first quarter was in the Carson/Compton/Rancho Dominguez submarket, which accounts for more than half of the South Bay's industrial inventory. Approximately 1.4 million square feet of industrial space was sold or leased in that submarket.
 Sales and leasing activity for the South Bay's other submarkets in the first quarter was as follows: Long Beach/Paramount, 187,544 square feet; LAX/El Segundo, 171,003 square feet; Torrance/Harbor City, 140,813 square feet; and Hawthorne/Gardena, 78,735 square feet.
 There was 305,507 square feet of industrial space under construction in the first quarter, down from the 462,207 square feet under construction a year ago, the report said. All of the space under construction in the first quarter of 1992 was in the LAX/El Segundo submarket.
 -0- 4/16/92
 /CONTACT: Sharon Abar of Grubb & Ellis Commercial Real Estate Services, 714-937-0881/ CO: Grubb & Ellis Commercial Real Estate Services ST: California IN: SU:


DM-KJ -- LA020 -- 9343 04/16/92 13:30 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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