Inland Empire industrial real estate market report

Q3 2021

The Inland Empire industrial market will not slow down in demand anytime soon. The presence of large high-credit tenants such as Amazon, Walmart, and Target will continue to attract institutional investors from across the globe. There is also an increased demand in logistics tenants in the Inland Empire, including NFI Industries, UNIS Transportation, and GXO Logistics.


Economic conditions

  • The Inland Empire economy has added over 215,000 jobs since last year, driving unemployment to 7.6 percent, levels last experienced in 2015.
  • Steady job gains have occurred this year, especially in the critical areas for the local economy in transportation, warehousing & utilities sector which is up 3.9 percent year-to-date. 
73 ships

Recovery rate

  • A record 73 cargo ships were waiting to enter the ports in September.
  • Over the past 12 months, the ports had its two highest-performing quarters and top four individual months in the Port’s 110-year history. 

Industrial demand

  • At 23 million sf through the third quarter of the year, aggregate 2021 net absorption could outpace totals for the past decade.
  • With a 1.8 percent vacancy in Inland Empire, tenants in the market are unable to find space. Reports are there are five tenants for every available building.

Industrial supply

  • During Q3, there were 62 properties 100,000 to 250,000 sf totaling 9.7 msf under construction, proposed, or under renovation the most active size range by number of projects.
  • 24.0 percent of all available large blocks of space are in the over 1 msf size range.
  • The overall vacancy rate for the Inland Empire industrial market is at a record twenty-year low at 1.8 percent.

Pricing trends

  • Industrial sales volume surged 45.3 percent compared to the prior five-year average due to stronger fundamentals. 
  • The average rental rate for Inland Empire has increased by 4.5 percent since the start of the pandemic. 

Capital markets

  • Inland Empire industrial investment activity surged to $6.4B since 2020.
  • Industrial assets, witnessed a 21.7 percent higher per-square-foot rate from April 2020 to September 2021.
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