The vacancy rate stands at 2.1% while the availability rate is 5.4%. Both of these figures are slightly higher than a year ago. Los Angeles County is the largest industrial market in the nation, with over 1 billion square feet of industrial land, and the Central Los Angeles submarket maintains the lowest vacancy rate in the nation due to constant user demand for industrial warehousing space. Chicago #2, Dallas/Fort Worth #3, Philadelphia #4, Detroit #5. The five county area of Southern California maintained a three percent vacancy rate.
Investors and users have begun to exhibit cautionary behavior and thus the number of transactions have decreased.