Avison Young in Inland Empire
Avison Young opened its first Inland Empire office in October 2016, under the leadership of Stan Nowak. The Inland Empire office offers a full suite of services including tenant representation, agency leasing, project management, capital markets, and development services.
The Inland Empire agency leasing and tenant representation teams specialize in leasing office buildings, industrial, and flex spaces in San Diego, San Bernardino, and Riverside Counties.
Whether you are an owner, investor, occupier or developer, we deliver results aligned with your strategic business objectives, supporting real estate initiatives that add value and build competitive advantage for your organization.
|Transaction Management||Landlord Representation||Real Estate Development|
|Tenant Representation||Capital Markets||Management and Advisory|
|Consulting and Advisory||Mortgage Services||Design Management|
|Facility Management||Investment Sales||Construction Management|
|Project Management||Property Management|
|Enterprise Solutions||Investment and Asset Management|
|Project Management - Investor|
The largest region of Southern California, the Inland Empire, comprised of both Riverside and San Bernardino Counties, is one of the most significant economies in the United States. It has been rated in the top tier for various measures of growth from population and job creation to construction and office space absorption over the last decade. It is generally considered to be the area between the southern coastal areas of Orange County, Los Angeles, and the Palm Springs CA, and other desert cities. Inland Empire contains over 50 cities, including Riverside, San Bernardino, Rancho Cucamonga, Ontario and Temecula’s Wine Country to the south.
The U.S. Census Bureau-defined Riverside-San Bernardino-Ontario metropolitan area covers more than 27,000 square miles and has a population of approximately 4.4 million. Most of the area’s population is located in southwestern San Bernardino County and northwestern Riverside County. At the end of the 19th century, the Inland Empire was a major center of agriculture, including citrus, dairy, and wine-making. Agriculture declined through the 20th century, and since the 1970s a rapidly growing population, fed by families migrating in search of affordable housing, has led to more residential, industrial, and commercial development.
The Inland Empire is poised for extreme growth. The Inland Empire has added over half a million people in the past five years bringing the current population to 4.4 million. The Southern California work force has been migrating to the Inland Empire for reasons such as affordable land, excellent quality of life and relatively lowers housing prices coupled with efficient and multiple transportation routes. In fact, the Riverside-San Bernardino Primary Metropolitan Statistical Area is California’s 2nd and the nation’s 12th most populous region. The Inland Empire market continues to be one of the largest and most dynamic areas in the country, with diminishing land supply as well as steady absorption and demand, the area is poised for continued success. The area benefits from its infrastructure and the growing population who would prefer to live and work in the same community. There are many factors that continue to contribute to the sustained economic growth of the Inland Empire. These include:
- The Inland Empire offers a strategic West Coast location, vast amounts of available land for future growth, a highly-skilled and educated work force, a sophisticated transportation infrastructure, and access to 27 colleges and universities, including seven research institutions. The area features a changing economic landscape with emerging technological productivity, and employs an excess of 1 million people. The Inland Empire is also one of America’s most unique regions, featuring impeccable mountains, lakes, deserts, and ample recreation and sporting activities, all within an hour’s drive to the shores of the Pacific Ocean.
- Each year, millions visit the county to take advantage of the glorious desert winter, attend the Riverside County Fair and National Date Festival, the Balloon and Wine Festival, the Palm Springs International Film Festival, the Coachella and Stagecoach mega-concerts, the Paribas Open at the Indian Wells Tennis Center and the Humana Challenge, the golf tournament formerly known as the Bob Hope Classic. All those, joined with a rich, cultural heritage and frontier history, make Riverside County a great place live, work or visit.
The Inland Empire office market consists of predominantly firms in the finance, insurance, real estate and professional services sectors. The region sets itself apart from the rest of Southern California by being comprised solely of low-rise and mid-rise building. The Inland Empire has an overall office market base of more than 73 million square feet with consistent quarters of positive net absorption. Vacancy has decreased year-over-year post-recession, while rental rates have gradually been bolstered by increasing demand in the same time frame.
Inland Empire is home to many major retail centers, including the Ontario Mills, Victoria Gardens in Rancho Cucamonga, Galleria at Tyler in Riverside, The Shops at Dos Lagos in Corona, The Promenade Mall of Temecula, Montclair Plaza and the Cabazon Outlets. The Inland Empire has seen a major trend toward entertainment and lifestyle uses since the economic downturn in part due to the surge of online and discount retailers.
The 594 million square feet industrial market base in the Inland Empire is one of the fastest growing in the country. The region boasts the largest distribution hub (Ontario, CA) west of the Mississippi River. The region is dominated by large big-box distribution aided by its proximity to several ports, international airports and railways. It is an important link in the nation’s international shipping trade. The region has recently seen an increase in new development thanks to an increase in demand driven by low vacancy.