January 17, 2017
The Inland Empire experienced nearly 25 million square feet of industrial construction last year to lead the nation, according to JLL. Warehouse and distribution facilities dominated space deliveries.
That’s the third straight year when construction exceeded 20 million square feet. JLL reports that nearly 22 million square feet of space is currently under construction, with 12.5 square feet of that in the Inland Empire East submarket.
- All this new product has grown the industrial inventory by more than 20% percent during the past five years, primarily coming in the past three years.
- Since 2010, asking rents have increased more than 50% percent, now sitting at $0.51/sf monthly. This marks and all-time high, as rents jumped nearly 16% in 2016.
- Land costs continue to escalate, pushing up construction costs and the asking rents on new deliveries.
For comments, questions or concerns, please contact Dennis Kaiser