RIVERSIDE—Charley Black, SVP of Lee& Associates' Temecula Valley Office, has been in thebusiness for 27 years. And yet, he tells GlobeSt.com that he hasnever seen a market like this one. "The Southwest Riverside Countyindustrial market is in total gridlock with a vacancy rate below1%."
Sale prices and lease rates have regained almost all that waslost during the Great Recession, Black continues. "Based on priormarket cycles, by now one would expect several speculativeindustrial developments under construction (it's always occurredbefore)."
However, Black says, he doesn't expect to see any spec buildingsunder construction in Murrieta, Wildomar or Menifee until at least2017. "And there's no certainty we'll see new buildings then."
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