I spent the morning reviewing all the subleasing inventory for you. This is the part of the market that is growing right now. There is a 20% increase in the amount of sublease space within the last 90 days. This is natural for periods of time where there is a lot of change in the market.
Here is the latest Sublease availability across the LA / OC marketplace:
- 1371 Charles Willard St, Carson
- 76,866 SF – 180,549 SF – Estimated $1.00 GRS – Term through 12/22
- 3040 E Ana St, Compton
- 115,814 SF – Asking $0.70 GRS – Available through 05/23
- 6100 S Malt Ave, Commerce
- 115,581 SF – Asking $0.90 GRS – Available through 03/24
- 7255 Rosemead Blvd, Pico Rivera
- 202,629 SF – Asking $0.85 GRS – Available through May 2023
- 12836 Alondra Blvd, Cerritos
- 109,363 SF – Estimated $1.00 GRS – Available through 01/21
- 13140 Alondra Blvd, Cerritos
- 87,635 SF – Asking $0.75 GRS – Available through 09/23
- 14380 Industry Cir, La Mirada
- 109,273 SF – Asking $0.85 GRS – Available through 08/23
North Orange County
- 566 Vanguard Way, Brea
- 101,280 SF – Asking $0.78 GRS – Available through 11/21
West Orange County
- 5900 Skylab Rd, Huntington Beach
- 45,572 SF – 83,391 SF – Asking $0.70 NNN – Term through 10/22.
- 6300 Katella Ave, Cypress
- 75,000 SF – Asking $0.87 NNN – Available through 10/23
South Orange County
- 25892 Towne Centre, Foothill Ranch
- 130,209 SF asking $0.89 NNN – Term through 06/22.
Airport Orange County
- 3731 W Warner Ave, Santa Ana
- 129,600 SF – Asking $0.59 NNN – Term through 11/20
- 17595 Mount Herrmann St, Fountain Valley
- 96,820 – 120,500 SF – asking $0.89 NNN – Term through 11/26
If you would like to dig into subleasing more, here is an article I wrote on subleasing to provide you with more insight. https://smithcre.com/why-is-subleasing-so-commonplace/
WeWork X Industrial = CubeWork
Unless you are a broker you likely haven’t heard of these guys yet. But if you look at the market, you’ll see that they have quietly taken out leases on all of the larger Class B industrial buildings in So Cal. They put up 12′ partitions using pallet racking and then they offer any size space you need extra storage for. There are then common drive aisles for forklifts and pallet jacks and everyone shares the docks. Rates are usually $1.20 PSF Gross and they offer short term leases. This doesn’t work for everybody as some people’s products don’t lend themselves well to these solutions, but it works well for others that just have a few extra pallets that need a home for a while. Let me know if you have a need here and I’ll help you find that type of space that works for you. https://www.cubework.com/
We have a new listing at 15220 Canary Ave, La Mirada. This property is 93,280 SF, leased through 12/31/20, and we can offer the property for sale ($169 PSF) or for lease ($0.89 GRS).
Do you have a reason to change your warehouse footprint? Need helping to understand what is going on out there? We’re happy to help create a path for you to execute your rightsizing plans. Look forward to working with you.
Justin Smith SIOR
MBA MRED MCR
Senior Vice President / Principal
Lee & Associates / Irvine
Corporate ID 0104791 / License ID 01504494
9838 Research Dr.
Irvine CA 92618