September 1, 2015
Connect Inland Empire, a Connect Media event that is taking place Sept. 10 at Rancho Cucamonga in Victoria Gardens, will focus on several aspects of commercial real estate in the region, including the panel focused on employment and economic development in the region.
The moderator of this panel is Joe Cesta, managing director of CBRE’s Ontario office. We caught up with him recently to talk about topics he will discuss.
Obviously, the industrial sector is driving much of the employment growth in the region, with several manufacturing and distribution developments in the pipeline.
“That’s going to focus, development that is creating jobs,” Cesta observed, but added that “all of the sectors are experiencing growth.”
In the office sector, there is strength in government and various financial-services firms. This is leading to a tightening of existing space that could lead to more development.
“As that pressure starts to grow, you’re going to see a developer with a 50-percent-leased spec project,” Cesta predicted.
Development is already happening in the medical office sector. Riverside has an RFP out for built-to-suit healthcare facilities. Meanwhile, Trammell Crow, is building a 150,000-square-foot development near Riverside County Regional Medical Center.
But back to industrial. Developments like the World Logistics Center in Moreno Valley will provide many jobs that were lost during the recession, including many white-collar positions. This means that people who are now commuting to Los Angeles County every day could find positions closer to home.
“There won’t be as many people having to commute because there are people ready to work,” Cesta said.