A big name in flooring recently signed a lease on a warehouse in Montebello.
Republic Floor, one of the nation's fastest-growing companies in its sector, recently leased a freestanding distribution and warehouse facility that covers 100,000 square feet. The facility will become the company’s North American headquarters as it consolidates locations throughout the area.
Tim Wallace of Cushman & Wakefield represented Republic, noting that the market for industrial space in Los Angeles is highly competitive, requiring an extensive search. They settled on Montebello since it is a central Los Angeles neighborhood, which is a good location for this company.
The CEO of Republic Floor, Rotem Eylor, agreed about the competitive nature of the market, saying they have been looking for years for a location only to find that properties were being snatched up above the asking price by investors who were paying cash. Even though Republic was only seeking to lease the property, it was in competition with others.
Wallace explained that the intense competition is due to several factors. First, there is a general shortage of up-to-date buildings, the vacancy rate is extremely low, and there is great demand for facilities from companies in certain sectors. However, despite these difficulties, lease rates for industrial properties are climbing.
When a company makes changes like this, it can use brochure printing to create Brochures describing its new facilities.
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