Q2 2021 Industrial Market Outlook – Inland Empire
The industrial market in the Inland Empire is going strong, as the economy reopened. A year after the pandemic shutdown began, demand for warehouses is soaring, rents are rising, and developers are completing new projects. This quarter, completed industrial space jumped 39.8% from the prior quarter, up 49.6% compared to last year at more than 6.2M square feet.
Vacant industrial space declined 18.5% in Q2 2021 from Q2 2020, while the average asking rent increased 5.7% from Q2 2020 to $0.74/SF triple net. The vacancy rate …