Can’t Find Space in the Inland Empire? Look to the High Desert.
It is difficult to understate the strength of the Inland Empire as an industrial behemoth. Newmark puts its overall vacancy at a mere 0.6% in Q1, the lowest of all major U.S. markets it tracks and less than a quarter of the national average. Its average rent of $12.37 blows away the national average. It is the third-most-active construction market in the country with 33M SF underway and projects regularly fully lease before delivery. Everyone wants to be in the Inland Empire, and for years it seemed like maybe everyone could be. “The Inland Empire: We used to call it the endless empire, thinking we would never run out of dirt,” said Cushman & Wakefield Vice Chairman Chuck Belden, who has worked in industrial real estate in the Inland Empire for nearly four decades. “Well, in a way, we have.”
