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Industrial Renewals and Expansions Stay the Course in Inland Empire
With continued e-commerce demand for warehouses and distribution properties, vacancy continues to tighten. The Inland Empire had a robust amount of gross industrial activity during fourth-quarter 2020, clocking in at more than 14.3 million square feet from renewal and expansion activity, according to Lee & Associates.
This activity was due to several notable deals from tenants such as Unilever, Geodis Logistics, Living Spaces, American Building Supply and ICON Health & Fitness. The region ended last quarter with strong net absorption of 2.8 million square feet, says Lee & Associates’ latest report.
In particular, demand for industrial space in the East submarket was resilient, leading to another 3.5 million square feet completed last quarter to accommodate large big-box distribution facilities. Another 63 buildings totaling 9.68 million square feet are currently under construction.
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