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The Inland Empire Region is one of the most dynamic and fastest growing areas in the United States. This page will give you an overview of the region and insights into the commercial real estate market dynamics in this rapidly expanding area of Southern California.
The University of California Riverside, School of Business Center for Economic Forecasting and Development presented its 2020 annual Economic Outlook Forecast for 2021. The forecast report in summary outlined that the COVID-19 induced recession is now behind us and the economy is rebounding but the road to recovery is not exactly clear due to the variabilities with the virus, but the good news is the damage to the economy appears to be situational and not permanent in nature.
In terms of business and commercial real estate sectors the report pointed out that “Business hotels, restaurants, airlines, and leisure and recreation firms will all lag the recovery for obvious reasons. Retail is far and away the biggest flashpoint. That sector has been struggling with oversupply even as the internet continues to wrestle market share away from traditional brick and mortar stores. The non-store share of retail sales went from 14.7% in January to 17.4% in July, and it’s unlikely to give much of that back. ” These depressed sectors do not represent an amount greater than 5% total GDP and there has been compensating spending that may offset that weakness.
Industrial, Single Family Housing and Multi Unit Housing appear to be relatively unaffected and in fact appear to be beneficiaries of the current crisis.
The Inland Empire represent an area of over 27,000 square miles and for years has been very attractive to both commercial developers and individuals because the land is inexpensive and the housing prices are low compared to adjacent Los Angeles County and Orange County markets. With the expansion of e-commerce, now greatly enhanced by COVID-19 restrictions, and the current “work at home environment” these factors have helped drive the demand for homes and Industrial Warehouse space in the Inland Empire.
The Inland Empire has an extremely favorable outlook from most research sources you choose to review in terms of Top Industrial markets. Inland has been in the Top 5 for new Industrial construction and deliveries for several years and this construction activity also makes up a large part of the economic drivers (the construction industry) in Southern California.
The Inland Empire is Southern California’s major distribution hub for imported products from Asia for the Western United States. The ports of Long Beach and Los Angeles have convenient drive times to the Inland Empire. The Port of Los Angeles is the nation’s leading port followed by Long Beach with a combined market share of over 32% of the United States container volume (source largest.org).
markets | sector | AVG. asking Lease rates | Vacancy Rate | Total Market SF | Est. Under const. |
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Inland Empire Metro | Industrial | $0.70 - $0.80 PSF/MO/NNN | 2.5% - 3.5% | 570 Million SF | 14 Million SF |
Inland Empire Metro | Office | $1.55 - $2.11 PSF/MO/FSG | 9% - 12% | 26 Million SF | 0 |
Inland Empire Metro | Retail | $1.47 - $2.00 PSF/MO/NNN | 9% - 13% | 110 Million SF | 120,000 SF |
Orange County | Industrial | $.95 - $1.10 PSF/MO/NNN | 1.3% - 2.0% | 260 Million SF | 770,000 SF |
Orange County | Office | $2.80 - $3.00 PSF/MO/FSG | 11% - 12% | 105 Million SF | 1.3 Million SF |
Orange County | Retail | $1.95 - $2.95 PSF/MO/NNN | 4% - 6% | 87 Million SF | 100,000 SF |
Greater Los Angeles | Industrial | $.91 - $1.10 NNN/PSF/ MO | 2% - 3% | 1 + Billion SF | 4.5 Million SF |
Greater Los Angeles | Office | $3.00 - $3.65 FSG/PSF/ MO | 14% - 16% | 230 Million SF | 7 Million SF |
Greater Los Angeles | Retail | $2.75 - $2.95 NNN/PSF/ MO | 6% - 7% | 130 Million SF | 1.5 Million SF |
* For general information only. All information has been obtained from surveys and sources believed to be reliable but the information is not guaranteed and should not be used for investment decisions, always consult experienced and qualified advisors prior to making any investment decision or change pertaining to any aspect of commercial real estate.. Each major metro is made up of sub markets and various property sub categories and lease rates vary by individual property location, condition, amenities, asset class and regulatory and zoning requirements.
inland empire Statistical Items | data |
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State Located In | California |
Geographical Area | Southern California - Inland |
Counties Included |
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Land Area |
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Population (2019) |
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Population Ranking | Ranked # 13 - U.S. Metro Statistical Area |
5 Largest Cities Riverside County |
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5 Largest Cities San Bernardino County |
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Inland Empire Major Industries |
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Largest Employers in the Inland Empire Region |
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Major Colleges and Universities |
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Gross Domestic Product (2019) | $187 Billion Combined |
Inland Empire Housing Units - Single Family (2020) |
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Average Home Prices in the Inland Empire (Q-4 2020) |
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Fontana – 207,460
Rancho Cucamonga – 177,567
Ontario – 170,373
Victorville – 124,938
Rialto – 102,862
Hesperia – 94,285
Highland – 53,104
Colton – 52,154
Redlands – 71,413
Yucaipa – 54,428
Riverside – 92501, 92502, 92503, 92504, 92505, 92506, 92507, 92508, 92509, 92513, 92514, 92515, 92516, 92517, 92518, 92519, 92521
Moreno Valley – 92551, 92552, 92553, 92554, 92555, 92556, 92557, 92558, 92559, 92560, 92561, 92562, 92563
Corona – 92879, 92880, 92881, 92882, 92883
Temecula – 92589, 92590, 92591, 92592, 92593
Murrieta – 92562, 92563, 92564, 92565
Hemet – 92543, 92544, 92545, 92546, 92547
Palm Springs – 92262, 92263, 92264, 92292
Cathedral City – 92234, 92235
Rancho Mirage – 92270, 92271, 92272
Perris – 92570, 92571, 92572, 92599
San Bernardino – 92401, 92402, 92403, 92404, 92405, 92406, 92407, 92408, 92410, 92411, 92412, 92413, 92415, 92418, 92423, 92424
Fontana – 92335, 92336, 92337, 92338, 92339, 92331, 92332, 92334
Rancho Cucamonga – 91701, 91729, 91730, 91737, 91739
Ontario – 91758, 91761, 91762, 91764, 91758
Victorville – 92392, 92393, 92394, 92395
Rialto – 92376, 92377
Hesperia – 92345, 92344, 92340
Highland – 92346
Colton – 92324, 92322
Redlands – 92373, 92374, 92375
Yucaipa – 92399, 92397, 92398