IE Business Daily Business news for the Inland Empire.
The Inland Empire had more large industrial projects in 2020 than any other major North American market, according to CBRE.
Approximately 42.5 million square feet of warehouse-distribution projects at least 200,000 square feet were completed in Riverside and San Bernardino Counties last year, CBRE stated in a report declared today.
The report studied 22 markets with more than 75 million square feet of “big-box” facilities. In total, big-box transactions accounted for 349 million square feet of leasing, a 25 percent increase from the 280 million square feet recorded in 2019.
Southern New Jersey and Eastern Pennsylvania (41.8 million square feet each) tied for second, and and Chicago (41.1 million square feet), was third.
Phoenix had the highest absorption, 9.1 percent.
“The Inland Empire is the single largest Class A industrial market in the United States with an abundance of Fortune 500 companies moving goods through the ports of Los Angeles and Long Beach to the south western part of our country,” said CBRE Ontario Executive Vice President Dan De La Paz in the statement. “Historically, this market has developed 15-25 million square feet of new space each year. It’s now running out of land, thus accelerating industrial real estate values at the fastest pace ever seen.”
