November 4, 2019
By Dennis Kaiser
Strong industrial growth has spread across the Inland Empire. It has buoyed virtually every industry segment and city. Connect Media asked the City of Ontario’s Brad Gates to share what he sees as the key trends driving the market, what some of the opportunities and challenges are, and what the city is doing to fan the flames in our latest 3 CRE Q&A. Gates is one of the speakers at Connect Inland Empire coming up Tuesday, November 12.
Q: What trends are you seeing driving the market today?
A: E-commerce is impacting all facets of real estate. The industrial market in Ontario is stronger than ever, with record-low vacancy and record-high lease rates and property values. Demand is driving the construction of millions more square feet of industrial space, much of which will be absorbed by e-commerce users. Retail remains strong in Ontario, as entertainment uses integrate amongst traditional retailers to create destinations based on experiences, rather than just shopping.
Q: What are the challenges and opportunities you see?
A: The overall economy in Ontario continues to thrive, as business and employment growth reaches historic highs. Ontario employers currently provide more than 123,000 jobs, more than any other time in our history. Ontario International Airport remains one of our biggest drivers for growth, as passenger and cargo volumes continue to increase by double digits year-over-year. Population growth will also continue to stimulate the local economy, as thousands of new single and multifamily housing units come to market in Ontario Ranch.
Q: How is your city helping to encourage growth and improve the community?
A: Ontario is one of the most forward-thinking and business friendly cities in Southern California. We understand that the easiest way to support business is to make it easier to be in business. We invest significantly in infrastructure, assets and public services. Historic downtown Ontario is in the midst of a transformation, new development is occurring around the Toyota Arena, and resident and business growth is increasing in Ontario Ranch. All of these projects are creating jobs, adding amenities and enhancing the quality of life for both residents and business.
For comments, questions or concerns, please contact Dennis Kaiser