Regionally, we see a recurring theme of scarcity. Our tight markets suggest a strategic race for developers and owners as we maneuver the limited land available for development. Added to this trend are high rental rates, at over $1.24 NNN per square foot. We are, again, in a dominant market with year-over-year requested rent increases exceeding 44%.
Other impact notes here are vacancy rates. Our market had the lowest vacancy rate at 0.93% and is one of the few to have velocities below 1%. The Los Angeles industrial market is positioned as the largest in the United States, characterized by some of the highest rents and lowest vacancy rates of any market in the country.
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