The Inland Empire remains among the strongest markets in the country for industrial real estate, with warehouses and other buildings being sold and used at near record rates. A third-quarter report released by real-estate services firm Grubb & Ellis ranked the two-county area second in two key measures. Only Los Angeles County had a lower rate of empty buildings than the Inland Empire's 2.8 percent at the end of the quarter. Companies have snapped up nearly 16 million square feet of industrial space in the Inland Empire this year, a figure second only to Chicago's 17.4 million. The Grubb & Ellis report said the strongest markets are national transportation hubs, where companies are building and buying distribution centers to import and move goods. Scott Ostlund, a principal for real-estate firm Lee and Associates, said the pace of development has largely swept through the west end of the Inland Empire, pushing the construction of large new warehouses further east, toward Redlands and Moreno Valley. Ostlund said rising land and construction costs, combined with increasingly rare empty space, is pushing rents higher, particularly in communities such as Ontario and Rancho Cucamonga, where most of the industrial land is developed or already spoken for. In a growing trend, Ostlund said 16 of 17 buildings in the Spectrum Business Park in Rancho Cucamonga are in escrow, with the project three months from completion. Alan Deszcz, senior adviser for industrial real estate for Sperry Van Ness in Ontario, said some buildings that have been available for years are filled for the first time. Developers are also looking to follow residential development with new, large warehouses in communities in the Pass area and potentially further into the desert. Click here to read more, registration needed.
Real estate agent 'critical' after shooting. Decorated vet obtained sales license to avoid dangers of Iraq. A brand-new real estate licensee who ended a decade-long stint in the military last month out of fear he might make a widow out of his wife and four children remained in critical condition late Tuesday, after being shot in the back while prospecting for listings near his own home in suburban Los Angeles. The shooting of Eric Russell Hinks, 29, has left his family and friends struggling for answers. But it also served as a reminder that there are some perils virtually all real estate salespeople will always face, no matter how many safety precautions they may take or how well they might prepare for danger. Click here to read more.
California's Buildings Are Highly Vulnerable to an Earthquake. "It is important to note that California is not alone in its vulnerability to earthquakes as there have been at least 26 American cities that experienced significant earthquakes and that are at risk for another earthquake. We are pleased that several of our speakers will deliver critical insight into the vulnerability of the nation's buildings to earthquakes as well as provide an overview of the technologies and practices that should be employed to mitigate the impact of such eventualities." Click here to read more.
Chino dairies are drying up as urban shift accelerates. This shift in land use from agriculture to urban development is going on throughout the state, but none is more dramatic than the mass exodus currently taking place in the Chino dairyshed, where family farms have thrived for more than 50 years. What's happening in the Inland Empire now, however, is an astounding acceleration of that shift to upscale housing developments. Homes are being built and occupied before dairy farmers can even get their cows out. Golf courses sit cheek to cheek with dairy hay piles. Click here to read more.
Is that the hissing sound of the real-estate bubble deflating? Some investors thought so on Tuesday. Shares of Toll Brothers (TOL: 33.81, -0.10, -0.3%) fell 14% to $33.91 after the luxury home builder warned that it wouldn't build as many homes as planned next year. The Horsham, Pa.-based Toll, the nation's No. 1 luxury builder, now expects to deliver between 9,500 and 10,200 homes in fiscal 2006, ending Oct. 31, down from previous guidance of between 10,200 and 10,600. Toll delivered 8,769 homes in fiscal 2005. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
No comments:
Post a Comment
Thank you for commenting!