Market Strengthens in Inland Empire
ByRiverside and San Bernardino counties continued to grow in the first half of 2017, adding jobs at some of the strongest rates in California. Although the sectors with the bulk of growth encompass mostly lower-paying jobs, demand for housing and a tepid rate of multifamily development pushed rent growth to 4.7 percent year-over-year as of July. Even with nearly 2,000 units projected to come online in 2017, average occupancy will most likely remain above the 96.0 percent mark.
Backed by a booming industrial market, the Inland Empire’s economy added 48,000 jobs in the 12 months ending in July. Freighting in the nearby ports of Los Angeles and Long Beach was up in 2016. At the same time, the continued rise of e-commerce has helped increase demand for warehouse space. Logistics is the main driver of economic activity in the two counties, pushing industrial construction activity to historic highs…
