Industrial market gets a boost amid boom in Chinese trade.THE second quarter saw an explosion of industrial sales and leasing activity in the San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. that hit nearly 3 million square feet--more than three times higher than the previous three months, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Grubb & Ellis Co. The area has long been headquarters for companies that ply (mathematics, data) ply - 1. Of a node in a tree, the number of branches between that node and the root. 2. Of a tree, the maximum ply of any of its nodes. the large import and export trade with China and other Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. countries, and with that trade booming so is the real estate market. "If this trend continues, which it should, the need for space and the rent rates will increase, and the area is soon going to be out of products in a certain size range," said Jim Center, senior vice president of Grubb & Ellis. The torrid sales and lease activity helped push down the 175-million-square-foot industrial vacancy rate to 1.2 percent, compared with 1.4 percent in the January-March period and 1.8 percent for the like period a year ago. But with nearly 2 million square feet of new product under construction, asking rents were down 1 cent, to 47 cents, though Center said that did not reflect the latest lease signings. The market was mostly driven by manufacturers but also expanding and seeking space were companies specializing in household products, furniture and footware, said Marc DiGennaro, senior vice president of Lee & Associates. Clayton Industries, a designer, producer and distributor of steam generators A steam generator is a device used to boil water to create steam. It may refer to:
EDW Edwards, CA (aviation indentifier) EDW Electronic Document Workflow (paperless initiative of Defense Contract Management Agency) EDW Estimated Dry Weight Properties for a stand-alone building in Industry. Federal Express signed a three-year lease for a 77,000-square-foot building with the Carpenters Pensions Fund in an industrial park on Workman Mill Road in Industry. And Best Formulations Inc., a contract manufacturer and private labeler of nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. , teas, powder drinks and drugs, signed a lease for 73,560 square feet on Radecki Court in Industry for just over seven years. "More and more local companies, mainly distribution-oriented ones, are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. space in the area," said Steve Bellitti, senior vice president at Colliers Seeley International. In Whittier, Four Seasons General Merchandise Inc., an importer of various merchandise, signed a 614,000-square-foot lease at the Gateway Point Industrial Park. On the sales front, 21 buildings were sold in the quarter, but totaling only 484,000 square feet, they were inadequate for big industrial users needing substantial space. "It is a buyer's market A Buyer's Market is the second novel in Anthony Powell's twelve-novel series, A Dance to the Music of Time. Published in 1952, it continues the story of narrator Nick Jenkins with his introduction into society after boarding school and university. more than a tenant's. But the properties on sale outstrip out·strip tr.v. out·stripped, out·strip·ping, out·strips 1. To leave behind; outrun. 2. To exceed or surpass: "Material development outstripped human development" the demand and big players are being forced to sign leases or move towards the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. ," Center said. Some relief is on the horizon. Nearly 2 million square feet of industrial space was being constructed in the second quarter. Also, the City of Industry's redevelopment agency has been acquiring land over the last two years that it plans to sell to developers. But it's not expected to add to the supply of industrial property for more than a year. An while there were no lease deals reported out of the largest office park under construction--Majestic Realty Co.'s Grand Crossing business park in east Industry--with leasing strong over the past few quarters, the company expects star constructoin early next year on a 500,000-square-foot building and an 800,000-square-foot building "We expect to break ground in the first quarter of next year," said Kent Valley, senior vice president at Majestic. Also under development by Wohl Property Group were industrial condos ranging from 4,000 square feet to 8,000 square feet in east Industry. The property is structured similarly to residential condominiums Meanwhile, the office market, long the stepchild step·child n. 1. A child of one's spouse by a previous union. 2. Something that does not receive appropriate care, respect, or attention: "Demography has a reputation for being the stepchild of . . . to the robust industrial market, saw vacancy rates rise half a point, to 10.8 percent. Even without any product under construction, the office market gave back 69,000 square feet of space. Rents in the large Class B office market dropped to $1.88 from $1.93, while the Class A rents rose to $2.16 from $2.09. Major Events: * Clayton Industries, a designer, producer and distributor of steam generators, boilers and engine dynamometers, signed a 10-year lease for 62,730 square feet in Industry. * Federal Express signed a three-year lease for a 77,000-square-foot building on Workman Mill Road in Industry. * Best Formulations Inc., a contract manufacturer and private labeler of nutritional supplements, teas, powder drinks and drugs, signed a seven-year lease for 73,560 square feet on Radecki Court in Industry. * Majestic Realty Co. plans to move forward with two buildings totaling 1.3 million square feet at its Grand Crossing business park in east Industry. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion