California + Inland Empire + Industrial | October 10, 2017

CBRE’s Joe Cesta on Investing in the Inland Empire

By Dennis Kaiser

Investment opportunities are abundant in the Inland Empire with e-commerce and the need for fulfillment infrastructure, as well as industrial manufacturing and warehousing, driving interest. CBRE’s Joe Cesta is slated to participate in Connect Inland Empire coming up on October 18^th when top dealmakers and investors will discuss the investment climate and how it fares compared to the full SoCal market. We asked him to share a few insights as we gear up for another afternoon of robust conversations in our latest 3 CRE Q&A.

Q: What are the main trends you see driving the Inland Empire market?

A: The Inland Empire is a dynamic region and a leader in job growth and development. The industrial market is expected to deliver approximately 21 million square feet, while at the same time lowering the overall industrial vacancy rate. In addition, the area continues to be a highly sought-after location for corporate tenants looking to access the 24 million people that call Southern California their home. That in turn is helping to drive construction and absorption across all product types. In addition to the strong fundamentals that exist in the Inland Empire, the public and private sectors are also doing more to effectively work together to enhance the quality of life for residents in the two counties.

Q: What are the biggest changes you’re seeing transpire over the past year?

A: One of the biggest changes I have seen in this region is taking place in the retail sector. Retail ownership has shown a willingness to adapt and create innovative ways to utilize vacant big box sites in the area. In addition, we have seen retail tenants such as Sprouts and Aldi become more aggressive in their expansion plans, while food hall concepts have started to make their way into the Inland Empire. Outside of retail, the continual growth and evolution of big box e-commerce, warehousing and logistics users have and will continue to impact the area immensely.

Q: What are the hottest investment property types you see in the coming year?

A: All investment sectors seem to be hitting on all cylinders in this region. We have seen many Class A office projects sell this year, and there has been a continued healthy appetite for multifamily, industrial and well-located retail projects. It all relates to our strong fundamentals: we have not over-built, we boast strong job growth, affordable housing and a well-trained workforce that desires to stay closer to home rather than make the commute to LA or Orange County.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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