RIVERSIDE, CA-GlobeSt.com recently got an exclusive sneak peak at the Riverside office of Lee & Associates' fourth quarter 2013 Industrial Market Summary for manufacturing/distribution buildings for the East Valley Market in Southern California's Inland Empire. The summary, which reports activity and gross absorption exhibiting stabilized market trends, shows absorption in 2013 just under 14.8 million square feet surpassed the figures seen in 2012, and represents the largest amount of square feet absorbed annually in the history of the marketplace.
The report also indicates that investors will be extremely active in the new year as the industrial market in the East Valley is positioned extremely well as it reaps the benefits as a manufacturing and distribution hub.
“This report further indicates that we are well on our way to full recovery,” says Lee & Associates Riverside president David Illsley. “Demand is keeping pace with new supply, vacancy rates remain steady at 5.88% and we expect 2014 to continue on this path of growth and stabilization in the market.”
Gross activity in the fourth quarter was just under 7.8 million square feet, with investment purchases and lease renewals accounting for 34% of the total. The fourth quarter summary, which was prepared by Caroline Payan, director of marketing and research of Lee's Riverside office, found that the average asking sale prices per square foot increased, and asking lease rates remained stable. Asking sales prices per square foot and asking lease rates are expected to increase steadily during 2014, driven by continued positive absorption.
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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.
