In the 2008 second quarter, 3.5 million square feet of building space was absorbed in the Central Los Angeles industrial market, similar to Q2 ’07.  Here is the interesting point:  space leased totaled 2,800,000 SF versus a paltry 751,000 SF sold – almost a 4:1 ratio.  The credit crunch and high sale prices have surely placed a damper on the sale market even though sale prices are relatively stable.