October 5, 2016
By Dennis Kaiser
Connect Inland Empire is happening on Thursday, October 6. To set the stage, we connected with CBRE’s Joe Cesta, who will participate on the work/live/play panel. One of the trends Connect Media is tracking are the thousands of millennials flocking to the Inland Empire for education and employment. This shift is presenting opportunities for CRE developers to create in-demand communities to retain young talent in order to support the job growth.
Here is what Cesta told us about how the concept is playing out in the Inland Empire.
Q: How is the work/live/play concept being executed in the Inland Empire?
A: The work/live/play concept in the Inland Empire exists in pockets, but has yet to sweep across the region. There are several projects either under construction or newly delivered that hit on live/play or work/play, but few projects have delivered the entire work/live/play experience.
Q: What types of projects are moving forward, where and why?
A: The Inland Empire has seen development growth in industrial, retail and multifamily. Office development has yet to return in a meaningful way, but that should change in the next few years. The Inland Empire is seeing creative reuse opportunities such as the redevelopment of the Rialto airport into a live/work/play master-planned community. Industrial and retail development is leading the way at Renaissance, with residential inclusive of single family, multifamily and hospitality to follow.
A notable development in San Bernardino County is a retail center located off of Baseline and the 210 freeway in Upland, Sycamore Hills Plaza, which will bring the first 365 by Whole Foods to the Inland Empire.
Q: What are some of the unique aspects or features you are seeing show up in Inland Empire projects, and how do they differ from other markets?
A: Developers are constantly looking for creative ways to attract tenants to their projects, no matter what product type is being developed. Identity and helping to create a sense of place is something all developers hope to achieve through architectural design, aesthetics, tenant line-up and amenities. This does not really differ from other markets: the ability to execute creative designs is driven by the economics of a project. In parts of the Inland Empire, the economics may not warrant enhanced architectural design, whereas in others, they do.
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