INLAND EMPIRE, CA-GlobeSt.com gets an exclusive sneak peak at a new industrial report from Jones Lang LaSalle for the region, which shows an outlook that continues to improve. Larger tenants are posting a 65% gain quarter-over-quarter in leasing activity. According to EVP Tim O’Rourke, Inland Empire fundamentals continue to improve with market vacancy rates dropping by 20 basis points quarter-over-quarter.
“Despite rumors of a slowdown in activity, tenants over 100,000 square feet posted a 65% gain quarter-over-quarter in leasing activity,” he explains. “Unfortunately absorption gains were not as strong, as roughly 50% of these deals were lease renewals.”
According to the report, speculative construction is well under way throughout the market and demand is proving strong, as shown with a 1-million-square-foot pre-commitment from Amazon.com. Additionally, the report says, Cott Beverages and Pepsi signed leases for two build-to-suits in San Bernardino, marking the first build-to-suit starts since 2009.
“As is the case with many other major distribution hubs across the US, the Inland Empire is benefitting from growth in the E-Commerce sector as well as the food & beverage, third-party logistics and automotive industries,” the report concludes.
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Related to recent JLL industrial news, O’Rourke was one of many other members of JLL that served as a strategic advisor for an agreement between Australian commercial real estate investor and developer the Goodman Group and Birtcher Development to invest $1.5 billion in industrial real estate with a big focus on the Inland Empire, as GlobeSt.com previously reported.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
