Lee & Associates Temecula Valley Releases Southwest Riverside County Second Quarter 2016 Industrial Market Report
Market gridlock continues in most of SW Riverside County
MURRIETA, Calif.—July 21, 2016— The Temecula Valley office of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has released its second quarter 2016 Southwest Riverside Industrial Market Report.
According to the report, which was prepared by Caroline Payan, director of marketing and research of Lee & Associates Riverside County offices, the majority of Southwest Riverside County’s industrial real estate market remains stagnant as a result of near zero vacancy, little new construction and anemic absorption. The overall industrial vacancy rate for Southwest Riverside, which is made up of the cites of Temecula, Murrieta, Hemet, San Jacinto, Romoland, Homeland, Anza, Aguanga, Wildomar, Canyon Lake, Sun City, Lake Elsinore and Menifee, stands at 1.12%.
The year-to-date for 2016 absorption appears reasonable when compared to both 2014’s and 2015’s performance. However, Southwest Riverside County’s figures are becoming skewed by the Bix Box distribution market in Perris, which a single industrial building can exceed one-million square feet in size.
“At the current rate, Temecula Valley, Murrieta and Temecula, are on pace to reach 26% of the average square footage absorbed in 2014 and 2015. The dramatic drop in absorption is a direct result of a severe supply shortage of available buildings, which since 2013, has absorbed all of the vacant industrial space from 2009 to 2012,” said Charley Black, senior vice president of Lee & Associates Temecula Valley.
For more information on the Southwest Riverside industrial market, visit Lee & Associates Temecula Valley’s website at: http://bit.ly/29JaApi