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Inland Empire’s East Valley Industrial Maintains Unprecedented Growth
The Inland Empire’s East Valley industrial market continued its unprecedented growth during the first quarter of 2022, according to a report from Lee & Associates Riverside. Gross activity in Q1 was 11.9 million square feet, with investment purchases and lease renewals accounting for 60% of the total.
Q1’s absorption stood at 4.77 million square feet, compared to 5.0 million square feet during the same period last year, wrote Lee Riverside’s Caroline Payan. With total absorption for 2021 outpacing the previous year, the industrial market is expected to hold strong throughout the current year.
Lee & Associates Riverside president Dwight Hotchkiss said, “The tremendous momentum in the industrial market has continued to bring lease rates and sale prices to all-time highs. With vacancy rates at or below 1%, and construction unable to keep up with demand, we expect to see this trend continue throughout 2022.”
- ◦Lease
