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The Million-SF Warehouse Boom in the Inland Empire

CoStar Market Analytics: A Review of the Metro’s Massive Warehouse Development Trend
May 14, 2018
Pictured: Monster Energy's 1 million-square-foot warehouse at 1750 Miro Way in Rialto, CA

Construction on a 1 million-square-foot warehouse in the Inland Empire was completed last November for the locally-based Monster Energy in Rialto, CA. While its delivery had long been anticipated, for many, the opening flew under the radar as the industrial boom in Inland Empire has been nonstop.

Industrial developments of this size are becoming more frequent. Through April 2018, three massive warehouses with more than 1 million square feet have delivered in the Inland Empire, with six more under construction. Only the Atlanta and Dallas-Fort Worth metros have a comparable amount of warehouses this large being developed.

With this amount of construction, some wonder whether these outsized warehouses can lease up.

Among the three most recent 1 million-square-foot warehouse deliveries, Goodman North America’s distribution center in Eastvale, CA was pre-leased by Amazon before construction began. However, Columbia Business Park Building 1 in Riverside, CA and the Modular Logistics Center in Moreno Valley, which delivered in January and April respectively, currently sit vacant.

Two of the six 1 million-square-foot warehouses under construction are being developed by Lewis Commercial in the Meridian Business Park Phase III in Riverside. Building A was recently sold to Invesco Advisors after being leased to Amazon and Building B was recently sold to UPS.

In Chino, CA, Majestic Realty is developing Majestic Chino Gateway Building 1 with Walmart as a key tenant. The three largest remaining warehouses under construction are all currently available.

Despite the Inland Empire’s exponential growth in warehouse space throughout the last 30 years, buildings of 1 million square feet or more remain relatively new to the metro. There are only a handful of locally based companies that can grow into 1 million square feet of warehouse space.

But there are countless nationally-established businesses that can expand or relocate to the Inland Empire. While not the first to choose the Inland Empire, recent preleasing and sales to national companies such Amazon and UPS is a trend that will continue to bode well for warehouse developers in the Inland Empire.

CoStar Market Insights provides a snapshot of recent real estate trends. The CoStar Market Analytics team monitors commercial and multifamily real estate across 390 metro areas, with a granular understanding of the projects, players and economic trends that move these markets.

Learn how CoStar Market Analytics can add to your market knowledge, helping to minimize risk and maximize returns.

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