WESTERN REAL ESTATE NEWS

SAN BERNARDINO COUNTY DRIVES INDUSTRIAL REAL ESTATE ACTIVITY DURING FINAL QUARTER OF 2001
San Bernardino County continued to be a driver of the industrial real estate market in the Los Angeles Basin, nearly doubling the amount of industrial building space leased and sold in any other single reported submarket during the fourth quarter of 2001, according to data released by the American Industrial Real Estate Association(AIR).
AIR's "Bulletin Statistics", based on information reported by over 1200 association member brokers, reveals that a total of 9.4 million sq. ft. of industrial space was either leased or sold during the fourth quarter. (AIR's data for the fourth quarter includes six submarkets within Los Angeles County, plus Ventura and San Bernardino Counties. AIR has completed its expanded data gathering in Orange County and will begin reporting Orange County statistics at the end of the first quarter. AIR also has begun efforts to gather data in Riverside County).
In reporting 2001's final quarter performance, AIR's data also shows that San Bernardino County made a strong run at matching the total space leased in all other submarkets combined.
During the fourth quarter approximately three million sq. ft. of space was leased in that county, while 336,895 sq. ft. was sold. Strong lease activity figure for San Bernardino County compares to a total of 4.1 million sq. ft. leased in all other submarkets.
Overall, 7.1 million sq. ft. was leased throughout the basin (including San Bernardino County) and 2.3 million sq. ft. was sold.
The Central Los Angeles submarket was runner-up to San Bernardino
County with 1.2 million sq. ft. leased and 524,194 sq. ft. sold.

Other highlights of AIR's "Bulletin Statistics" for the period include:

  • A total of 241 transactions were completed; 173 leases and 68 sales.

  • Central L.A. recorded the most leases at 49, followed by San
    Bernardino County with 45.

  • Northwest L.A. County listed the highest comparative sale price per sq. ft. at $75.05; Central L.A. the lowest at $44.34.

  • By a wide margin, most transactions involved buildings in sizes
    ranging from 10,000 to 25,000 sq. ft.
The nation's largest organization of its kind, A.I.R. is a non-profit Corporation formed in l960 for the purpose of fostering knowledge, integrity and efficiency in the field of industrial and commercial real estate brokerage. More than 1200 real estate professionals in over 285 firms located in the eight-county Southern California area, representing approximately 95 percent of the brokerage community, actively participate in A.I.R.
Among its many programs and services, A.I.R. provides specialized standard industrial/commercial lease forms and purchase order forms for industrial and office real estate, and e-MULTIPLE, its MULTIPLE Listing Service, considered the ultimate source for offering complete facilities for cooperative marketing of industrial and office properties. A.I.R. is headquartered in downtown Los Angeles.