According to a report by CBRE, the Inland Empire in California once again had the highest number of top 100 industrial leases in the first half of 2024. Out of these leases, 15 were located in this region and included both new leases and those measuring over one million square feet. The majority (53%) of these transactions were new leases, totaling to a combined area of 12.5 million square feet.
Ian Britton, managing director and regional leader for Inland Empire at CBRE stated that while deals may be taking longer to finalize due to less urgency among tenants, larger occupiers are using this opportunity to streamline their supply chains and increase efficiency. This has led them to consolidate multiple facilities into one location which has resulted in an increased demand for spaces over one-million-square-feet.
The types of businesses dominating these lease agreements in the Inland Empire include traditional retailers and wholesalers (five), third-party logistics providers (four), and e-commerce operators (three). One notable example is Dermody Properties’ LogistiCenter at Ontario Ranch which signed on Amazon as its tenant with a space measuring one-million-square-feet back in April.
