Quarterly Report Q1 2023
Jones Industrial Team / April 10, 2023
As anticipated, the Inland Empire industrial market has begun its course back to normal market conditions as a result of the current economic state. Nevertheless, any fundamental shifts happening in the I.E. has not disrupted institutional or credit tenant interest, as companies including Home Depot, Constellation Brands, Michelin Tire, Nordstrom, Pepsi, etc. have all continued to commit to considerable space in the market, solidifying the Inland Empire as one of the continued top industrial markets in the nation.
The year started off strong with extraordinary big-box activity, as the number of transactions 100,000 square feet or greater remained consistent with last quarter (nearly 30). Not only has gross absorption stayed constant with previous months, there were more top deals (500,000 square feet or greater) executed in this quarter than last. In Q1, the top three leases were over 1M square feet, and the top three sales were all staggering nine-figure transactions.
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Established in 1987, Lee & Associates – Ontario has been the highest producing and grossing Lee & Associates office in the country for the last 10 years consecutively, as well as one of the highest grossing commercial real estate firms in the country annually. Since its inception, the Jones Industrial Team has consistently ranked among the top producing teams, contributing to the overall success and reputation of the firm.
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