February 4, 2020
If Q4 2019 market reports from Colliers International, Kidder Mathews and Progressive Real Estate Services concur on one thing, it’s that the Inland Empire has more than one million square feet of new retail space under construction as 2020 begins.
While only the Colliers report showed vacancies up at an increase to 8.1%, Kidder Mathews and Progressive noted a downward trend, reporting vacancies at 6.9% and 7.2%, respectively.
According to Progressive, 30% of new construction is for one project in Indio which has announced tenants, so hard to consider it under construction. Colliers reports that the 355,000-square-foot Northgate Crossing center should be complete by end of Q2 2020.
Kidder Mathews shows 250,000 square feet set for two projects in Hemet, CA, taking the two and three position honors.
Both Colliers and Kidder Mathews report rents are up regardless to $1.80 psf (Colliers) and $19.44 asking NNN (Kidder).
Pictured: Northgate Crossing.
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