Inland Empire Flexes its Muscles
The Inland Empire industrial market closed out the first quarter of 2021 setting new records in both vacancy and average asking rents. Demand for the Inland Empire continues to thrive, as net absorption reached 10 MSF and total gross activity was 12.4 MSF. The Ports of L.A. and Long Beach continue to work their way through the congestion of cargo ships that can be seen from much of the Southern California coastline. Container trade in 20-foot equivalent units (TEUs) is up 21% in Los Angeles and up 32% at Long Beach compared to the first two months of 2020.