INLAND EMPIRE, CA—The Inland Empire market, comprised of Riverside and San Bernardino counties, went through a significant downturn during the recession that is only now starting to see real signs of recovery. So says Praedium Group's Asim Hamid.
The director explains that as one of the last markets in the country to improve—employment is still 10% off its peak—there is a real opportunity for growth. That makes it “a prime area for multifamily investment.”
There are two main factors driving the area's progress, he says. One is the increase in new home building, which is spurring jobs in the construction industry. The second catalyst is the strength of the nearby ports in Los Angeles.
FedEx and UPS have sizable distribution centers in the area, easily accessible by the many major highways nearby.
As owners of approximately 1,000 units in the area, Praedium is experiencing first-hand how pricing power is returning in this market. In the residential assets it owns, he notes that the firm has seen accelerating increases in rental rates this year, in comparison to the same period a year prior.
Oversupply is not an issue in this market, says Hamid, “since rental prices are not justifying new residential developments.”
According to Hamid, “with the projected job growth combined with climbing home prices, fundamentals should continue to improve in the market.”
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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.
