Sales and leasing activity totaled 3.87 million square feet in Mid-Counties of Southern California during the fourth quarter 2020, which is more than double the five-year quarterly average, according to Colliers International. There were 89 leases completed for 3.41 million square feet and 13 sales totaling 460,600 square feet.
The Mid-Counties remain the geographic heart of Southern California, positioned centrally within one of the most populous regions of the United States. The area continues to attract the attention of developers looking for last-mile infill locations with freeway accessibility. Land remains scarce, and there is limited planned new building development activity.
Asking rents for the area rebounded in the fourth quarter, after declining in the previous quarter, to end at $0.87 per square foot triple-net. And the vacancy rate plummeted from 2.6 percent to 1.7 percent, along with availability dropping to 3.4 percent from 4.6 percent.
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