Rexford Industrial Realty provided an operating activity update for the fourth quarter of 2024 to date, reporting the execution of approximately 657,000 square feet of new and renewal leases. The average size of these leases was 16,000 square feet, demonstrating continued demand for the company's smaller format industrial spaces.
Comparable rental rates on new and renewal leases showed substantial growth, increasing by 80% on a net effective basis and 60% on a cash basis compared to prior rents. The average annual rent steps for these executed leases were 3.9%, indicating embedded future revenue growth.
As of October 31, 2024, the company's year-to-date Same Property Portfolio average occupancy stood at 96.8%, with an ending occupancy of 95.9%. These figures are consistent with the company's guidance outlook provided in the third quarter of 2024, reflecting stable demand within its infill Southern California markets.
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