Between them, Blackstone and Prologis have made more than $38 billion in warehouse acquisitions in 2019.
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“This region stands among the top industrial markets in the country, as it’s driven by the port activity in Los Angeles and Long Beach,” Hotchkiss says. In fact, in the first quarter the Los Angeles/Inland Empire area was the top market in the country for absorption, with 5.2 million sq. ft. of space. The vacancy rate in Los Angeles itself was only 1.9 percent, compared to the average of 7 percent for the entire U.S. industrial market.