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Inland Empire Retains Top Ranking for Largest Industrial Leases
California’s Inland Empire once again accounted for the largest share of the top 100 industrial leases in the first half of 2024, CBRE reported. The region claimed 15 of the top 100 leases, including the largest number of new leases and the most measuring one million square feet or more. Fifty-three percent of the Inland Empire’s transactions were new leases, and across all 15 leases, the square footage totaled 12.5 million sq. ft.
“Although deals are taking longer to make and there is less urgency among tenants, larger occupiers are taking advantage of the opportunity to right-size their supply chains and become more efficient,” said Ian Britton, CBRE’s managing director and regional leader for Inland Empire. “Many are consolidating multiple facilities under one roof, improving demand in the one-million-square-foot-plus size range.”
The Inland Empire’s leases were dominated by traditional retailers and wholesalers (five), third-party logistics providers (four) and e-commerce operators (three).
Pictured: Dermody Properties’ LogistiCenter at Ontario Ranch, which signed a one-million-square-foot tenant in April, identified in market reports as Amazon.
- ◦Lease
