The red-hot industrial market shows no signs of slowing down.

Los Angeles industrial sales saw a 12% price increase in 2018 compared with 2017, according to data from Jones Lang LaSalle Inc.

The central submarket saw more than 66% growth in the last five years, which the group attributed to limited space and a large number of older buildings that developers are looking to tear down and redevelop as high-end projects.

Foreign investment also played a role, with 2018 investment dollars into Los Angeles nearly triple the 2017 total. Most foreign investors were from China and Canada, according to JLL.

Average asking rents in L.A. County during the first quarter of this year were 84 cents per square foot per month, up 2 cents year over year.

“Investors are looking to cash in on the high rents tenants are paying as the market is heavily landlord favorable,” the JLL report stated.