IE Business Daily Business news for the Inland Empire.
The cost of industrial land in the United States is going up, and nowhere is it rising faster than in the Inland Empire.
The average price of industrial parcels between 50 and 100 acres is more than $100,000 an acre, about twice as much as one year ago, according to a report released by CBRE Group Inc.
In Riverside and San Bernardino counties, generally considered the premiere warehouse-distribution market in the western United States, the average cost of such property is $980,000 per acre, a 35 percent year-over-year increase.
Northern New Jersey is the only major market with a higher large-parcel industrial land price than the Inland Empire – $1.7 million per acre – but that is only a 17 percent increase compared with one year ago, CBRE reported.
The growth in e-commerce, which has spurred logistical development throughout the United States, is responsible for much of the rise in industrial land prices, according to the report.
