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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.
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