Rialto Mega-Lease Suits Ricoh Just Fine
According to Newmark research, the Inland Empire industrial market’s net absorption reached 24.6 million square feet in 2020, on par with 2019’s total. Vacancy has remained below 5 percent for 34 consecutive quarters, despite the 152.5 million square feet in construction deliveries during this period.
This low vacancy highlights the significance of a recent 373,771-square-foot lease at a distribution facility in the Inland Empire.
Newmark’s Matt Moore, Wills Allen and Wes Hunnicutt have worked with Ricoh USA Inc. for the past four years and advised the tenant in its relocation to Rialto. The landlord, Prologis, was represented by Colliers.
“Ricoh began the search for a modern facility that meets the company’s needs for the future, focusing on optimizing their process flows with an updated layout as well as improving their infrastructure with more dock doors and a large truck court,” said Moore. “Ricoh looked to the Inland Empire and we were able to identify several options that fulfilled their needs.”
Ricoh plans to use the warehouse located at 1920 West Baseline Rd. for light assembly and distribution.
The forecast for 2021 is very bullish based on the IE’s current market fundamentals and the progressive recovery in local and national labor markets, says Newmark.
- ◦Lease