With record absorption and limited inventory, Tejon Ranch Commerce Center continues to draw interest from prospective new tenants as new assets are being built. Thanks to a wide range of factors beginning with location, class-A product and proactive economic incentives in Kern County, Tejon Ranch Commerce Center provides a significantly lower cost option to properties in the L.A. basin.
In addition, multi-national companies continue to demonstrate interest in “safety stock” for product in North America to help mitigate consequences experienced when the supply chain demonstrated its vulnerability due to the pandemic. Tejon Ranch Commerce Center serves approximately 40 million consumers with one-day service and up to 70 million in two days. The location allows tenant footprints to expand to cover as many as 11 western states.
Following an initial partnership to purchase, own and manage an existing fully leased 651,909-square-foot building in 2016, Majestic and Tejon Ranch Co. added two additional new build partnerships for speculative buildings encompassing 480,480 and 579,040 square feet respectively in the past few years. Each of those buildings were met with strong pre-lease activity and remain fully leased in an extremely competitive market.
The industrial vacancy rate hit a record low of 2.4 percent in first quarter 2021, with the asking rent notching a new high of $0.73, according to Newmark research. Construction activity was up 36.2 percent from year-end 2020. The outlook for the Inland Empire market remains highly bullish, given the swift growth of e-commerce sales.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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