Inland Empire Economic Growth

Inland Empire Real Estate Market Looking Good

According to the Victorville Daily Press, April 24, 2014, an Orange County investment firm believes the commercial real estate market in the Inland Empire will continue to remain strong throughout the year. Brian Parno, of Stirling Capital Investments, told GlobeSt.com that the overall IE market, including the Victor Valley, will enjoy a good, steady year, absorbing most of the newly constructed product despite a high level of new development activity. “In comparison to other U.S. markets, the IE will continue to be a very sought after location and produce strong results in both investment activity and leasing velocity,” Parno said. He said companies considering the IE include a wide variety of industrial users, most of which are either using the Los Angeles-based ports as a resource for imports and distribution, or just serving the local Southern California consumer. Recently, the city of Hesperia rezoned property in order for the owner of the former Heilig-Meyers building to lease to more tenants. “The L.A. basin remains a huge opportunity for corporations who want exposure to nearly 20 million people within a few hours’ drive time,” Parno said. “And while the IE is primarily a logistics-based market, we are witnessing the return of some manufacturing, which is a positive development for the regional and U.S. economies.”

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