Quarterly Report Q3 2023
Jones Industrial Team / October 20, 2023
Adverse market conditions have ultimately caught up to the Inland Empire Industrial Market. In just one quarter, availability is up 15%, vacancy jumped 24%, and Q3 had nearly half as many big-box (over 100,000 square feet) lease transactions then last quarter. Despite inevitable market corrections, the I.E. industrial sector seeks to sustain the incredible growth experienced the past few years from the increase in e-commerce activity and greater logistics requirements, factors that will most likely linger.
Development in the I.E. is reaching its apex. With an entire quarter to go, developers have already completed more construction in the Inland Empire year-to-date than at the end of both 2021 and 2022. As supply is stacking up, the amount of industrial square footage under construction has begun to slow from the Q1 peak.
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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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