Three recently released reports by commercial real estate brokerage CB Richard Ellis Inc. says that, although housing remains big within Inland Southern California, both the commercial and industrial sectors are doing brisk business as well. All together, the reports indicate 34 million square feet of on-going construction activity in retail, office and industrial projects within the two-county region.
Although there’s no real surprise in the industrial sector numbers, probably the most encouraging news is the uptick in both the retail and office sectors, where the region has tended to lag behind most areas of Greater Los Angeles. But with the continued influx of new residents (approx. 500,000 since 2000), both sectors are finally beginning to catch up with the rapid residential growth.
Moreover, the office market is even strong enough for the building of speculative projects — something not seen in these parts in great numbers since the late 1980s.
Helping to fuel the market are the region’s rising population and reputation for being business friendly. The population of the two counties will jump about 50 percent between 2000 and 2020, according to the U.S. Census Bureau.
Inc. Magazine last year rated the region the second best for doing business behind only Atlanta because of its large and sustained job growth.
- Riverside Press-Enterprise – More than just houses
Sources: The Press-Enterprise