INLAND EMPIRE, CA – In the fourth quarter of 2011, the Inland Empire industrial market displayed positive net absorption for the tenth consecutive quarter, posting 1.8 million square feet, for a total of 13.6 million square feet in all of 2011, according to the Fourth Quarter Market Report from Voit Real Estate Services.
The market demonstrated steady activity in Q4 2011, as vacancy dropped 22 percent below its 2010 rate and construction began on a number of large industrial properties, according to Walt Chenoweth (top right photo), Executive Vice President of Voit’s Inland Empire office.
“The demand for industrial space has picked up, and we are seeing renewed interest in sales transactions. In 2011, activity was higher in the first two quarters of the year than in Q3 and Q4, but that is likely due to the lack of available large industrial space in the marketplace,” said Chenoweth.
“With construction now underway on big-box industrial properties, we expect to see strong leasing activity for large blocks of space in 2012.
"We also anticipate that tenants will continue to sign longer-term leases as lease rates begin to rise. These are all positive indicators that the market is steadily recovering, and we expect to see continued stabilization as job growth occurs.”
Job growth is crucial to the recovery of the Inland Empire market, and the numbers are finally beginning to move in the right direction, according to Chenoweth. Unemployment steadily decreased in late 2011, and the LAEDC is predicting that 15,300 new jobs will be added in the Inland Empire area in 2012.
For a complete copy of the company’s news release, please contact:
Judith Brower / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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