Inland Empire’s Industrial Vacancy Hovers Around 2%
Industrial gross activity in the Inland Empire surpassed 2019’s year-end total, standing at 97.7 million square feet transacted, according to a Lee & Associates report. Just five deals totaled more than 4.7 million square feet of lease activity in the fourth quarter alone.
These notable deals included Unilever with 1.289 million square feet at Enterprise Industrial Park in Rialto, Restoration Hardware with one million square feet at Colony Commerce Center East – Building 9 in Ontario, Custom Goods with 886,055 square feet at 11640 Harrel St. in Jurupa Valley, Geodis Logistics with 809,338 square feet at Redlands Distribution Center – Building 14 in Redlands and Ingram Micro with 800,260 square feet at 12510 Micro Dr. in Eastvale.
To be sure, the Inland Empire East’s availability remains the tightest it has been, currently at 6.4% compared to the previous quarter’s 7.12%. Vacancy remained competitive, from last quarter’s 2.39% to 2.62%, due to a shift in demand towards logistics and e-commerce companies. Asking lease rates continue to increase by 9.8% to $0.756 triple net leased, compared to Q3 2020 at $0.688 NNN.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.