Courtesy of the Los Angeles-based The American Industrial Real Estate Association (AIR), we've got a wrap-up of the 3rd quarter industrial activity in the region. While leasing and acquisition of industrial buildings in the Los Angeles Basin surpassed year earlier activity by some one million square feet, activity dipped by approximately 33% compared to the previous quarter, according to data released by AIR.

AIR reports that leasing and sales of industrial building space in the aggregate dropped to 11.1 msf basin-wide during the third quarter, down 16.5 msf during the second quarter. Overall, 8.3 ms of space was leased, while 2.8 msf was sold.

Once again, the Central Los Angeles and South Bay submarkets paced leasing activity. Nearly 1.9 msf of industrial spaces was leased in the Central area and almost 500k sf sold. The South Bay checked in at 1.5 msf leased and 640k sf sold

AIR's statistics also indicates that the average lease rate for industrial building space basin-wide is $.53/sf/mo, while the average sale price is $53/sf.

Other highlights of AIR's " Bulletin Statistics" include:

Over 2 msf of industrial land was purchased in Ventura County, doubling similar activity in any other single submarket.

Industrial leasing and sales activity on the Westside was the lowest of any other submarket, due primarily to lack of available space, and average lease rates and sales prices of $.95/sf/mo and over $97/sf, receptively, the highest in the basin.