ONTARIO, CA-GlobeSt.com recently exclusively reported that Lee & Associates' industrial report confirms a steadying market place as the Inland Empire continues to emerge from the recession. Report author, Kathee Wozniak, marketing and research director for Lee & Associates Ontario, drills down to further discuss the West and East submarkets.
Some notable Inland Empire deals were: National Pension Service of Korea (NPS) purchased 15 buildings in the Inland Empire, LBA purchased 14 buildings, Amazon leased another ±500,000 SF of the permit ready 871,920 SF in San Bernardino next door to their first fulfillment center, Jarden Consumer Solutions renewed 827,559 SF at Jurupa Business Park in Fontana for 64 months, Ross Dress for Less purchased a 698,559 SF building at Perris Logistics Center and Bentall Kennedy purchased two buildings in San Bernardino from KTR Capital. The Inland Empire's average sale price per square foot was $73.62.
Inland Empire West Submarket:
The Inland Empire West's availability was 8.06% in the 1st quarter a decrease from the previous quarter and year ago, 1.16% and 2.3% respectively. The vacancy rate increased in the West from 4.61% to 5.33% from the previous quarter, says Wozniak. The asking lease rates increased in the first quarter to $0.39 NNN from the previous quarter and was up three cents from a year ago. “The West generated a healthy amount of activity over 14.7 million square feet.”
Inland Empire East Submarket:
The Inland Empire East's availability decreased from the previous quarter's 12.93% to 11.40%. The vacancy rate declined to 5.27% from the previous quarter and year, 0.55% and 1.6%, respectively, says Wozniak. “The asking lease rates increased to $0.355 NNN. The East generated a healthy amount of activity bringing in over 7.99 million square feet. The average sale price increased to $71.93. The East submarket had 14 buildings totaling 7.9 million SF under construction and completed construction on 3 buildings totaling 1,214,323 square feet.”
Take a closer look with the charts below.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
