The Inland Empire industrial vacancy rate hit a record low in the first quarter with robust leasing activity from the last nine months of 2020 into 2021, according to Newmark research. Construction activity was up 36.2 percent from year-end 2020, and quarterly net absorption was substantially higher than the 20-year average of 4 million square feet. With the post-pandemic labor market recovery and swift growth of e-commerce sales, the forecast for the big-box logistics corridor of the Inland Empire is highly bullish.

A recent example of the continued development is Green Life Business Group’s 45,000-square-foot (potentially 110,000-square-foot with future buildouts currently approved and permitted) cultivation facility in San Bernardino County with a price of $109 million. This newly built facility is on pace to generate revenues of $29 million with an EBITDA of $20 million.

This cultivation facility has set the bar for indoor cultivation sites as San Bernardino County looks to establish itself as a hotbed for large-scale cultivation and innovation in cannabis.