Connect Inland Empire returns this week, Wednesday, October 24, at the Ontario Convention Center. Leading up to the annual afternoon conference, we asked the Ontario Economic Development Agency’s Bradley Gates to share a few insights on the booming area in our latest 3 CRE Q&A.
Q: The Inland Empire seems to be firing on all cylinders. Can you give us a market overview of what you are seeing in Ontario? A: The real estate market in Ontario is booming across all sectors. Ontario leads the region in office space absorption, with over 104,000 square feet leased year-to-date with an average rate of $2.14 PSF/MO. The industrial market is seeing historic lows in vacancy rates of less than 2%, with more than 3.5 million square feet of leasing activity this calendar year, and more than 10 million square feet of new industrial space under construction or proposed. Retail, entertainment and hospitality are also thriving, with low vacancy, rising lease rates, and new mixed-use projects coming to the table in 2019. (Data Source: CBRE, 3Q 2018)
Q: What are the big trends you are tracking? A: The rise of e-commerce and demand for experiential retail and entertainment destinations is changing the face of traditional retail spaces as we know it. This evolution has the potential to transform our existing retail assets, as well as create additional demand for distribution space by e-retailers. In addition, with so much of Ontario’s industrial real estate, jobs, and economic output tied to the distribution and logistics industry, we are very interested in what impacts the rise of automation and artificial intelligence will have in this sector.
Q: What does Ontario’s economic picture look like? A: The overall economy in Ontario continues to thrive, as business and employment growth reaches historic highs. Ontario employers currently provide more than 119,000 jobs, more than any other time in our history, and our unemployment rate is currently at 3.4%. Ontario International Airport will continue to serve as a catalyst for the regional economy, as air cargo and passenger growth continue to increase by double digits year-over-year. Population growth will also continue to stimulate the local economy, as thousands of new single and multi-family housing units come to market in Ontario Ranch.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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