Not sure if everyone had noticed or not, but there's a new Super Target, Best Buy, and Kohl's in Moreno Valley off the 60 Fwy. Also, the Korean "Market World" Hannam Chain opened at 6753 Carnelian St. near 19th Street in Rancho Cucamonga. I'm certainly excited about a closer larger Asian grocery store. Having spent a large part of my life in Irvine, I'm used to having 99 Ranch Markets everywhere.
Also, while reading up on real estate news, it appears that the Inland Empire is gaining quite a name for itself.
A combination of continuing demand, moderately tight market conditions and new construction charging premium rental rates should be enough to push the average asking rate for available warehouse/distribution space up 5-10 percent in the Inland Empire according to Grubb & Ellis. For the second consecutive year, the logistics business is driving demand for space in Grubb & Ellis' Investment Opportunity Monitor's 2008 rankings. Los Angeles retained its top spot on the list, featuring proximity to the busiest ports in the U.S., negligible vacant space and little developable land. Demand is being diverted to the Inland Empire market 75 miles east, which ranked No. 4 on the list. Click here to read more.
According to the Wall Street Journal, the resilience of the Inland Empire's warehouse market -- still one of the country's healthiest -- is likely to be tested this year as growth of imports into the nearby ports of Los Angeles has flattened. The Inland Empire has been one of the country's fastest-growing areas in recent years. Its population has surged at an above-average pace to 4.1 million, largely due to land that was cheaper and more plentiful than in California's nearby coastal metropolitan areas. Now the area has been caught in the country's residential real-estate collapse, recording high foreclosure rates and a decline in home values. In turn, retail sales growth has slowed and vacant space is climbing. Retail, office and industrial development in Riverside and San Bernardino counties will make only modest gains -- at best -- during 2008, so says the Business Press.
~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
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