IE Business Daily Business news for the Inland Empire.
Large warehouses in the Inland Empire are performing quite well, according to data released this week.
The two-county region’s 0.4 percent vacancy rate among warehouses 200,000 square feet or larger was second only to Los Angeles County’s 0.2 percent in North America, according to CBRE.
“The past year was a record year for the Inland Empire,” said Vice Chairman Darla Longo in a statement. “As demand continues to expand, so do the boundaries of this market further east and south as large developable land becomes harder to find.
“Largely, cap rates for big box space compressed in 2021, with some transactions trading below the 3 percent range. We see this dynamic continuing in 2022.”
Transactions for big-box warehouses hit new highs in last year, as retailers added back-up stock to minimize supply chain disruptions and continued to meet online shopping demand. The 200,000-square-foot category recorded 450 million square feet of transactions in the top 23 North American markets last year, up significantly from 350 million square feet in 2020, according to CBRE.
