Consistent job growth limits space availability. Los Angeles County is home to the nation’s second-largest manufacturing workforce thanks to a diverse base of expanding manufacturers, including a collection of tech producers and a consortium of logistics firms. Growth by these companies supported strong market demand for industrial space over the past four years. The result was robust leasing velocity that sustained the metro’s vacancy rate at an extremely low level amid the delivery of more than 19 million square feet of new supply. Industrial users’ ability to quickly occupy speculative buildings and recently vacated properties over an extended span should warrant another stretch of elevated development moving forward, yet construction will slow in 2019 when compared to the previous two years. Warehouse projects account for most of the 2.6 million square feet of space slated for finalization this year, with roughly half of the supply concentrated in the Santa Clarita and San Gabriel valleys. This tempering of deliveries teamed with a positive outlook for manufacturing job creation maintains stout market demand for space, holding vacancy below 3 percent for a fifth consecutive year.