Tuesday, October 20, 2009

October Article is out

SB Sun:

Market may be turning

For industrial brokers and landlords alike, small signs of improvement may be beginning to form on the horizon.

For the third quarter of 2009, the industrial vacancy rate continued to increase, from 15.1 percent last quarter to 15.4 percent, currently the smallest quarterly increase in vacant space in two years.

Warehouse and distribution centers are the industrial backbone of the Inland Empire and as home construction, foreign imports and manufacturing have stalled, demand for industrial real estate has been at an all-time low.

The market uncertainty is difficult for young brokers who are just getting started.
"It is a tough time for brokers like me who are new to the business" says Kosha Arabi, an aspiring industrial real estate broker.

"Landlords and tenants are more interested in advice and consultation than in doing a deal, and it becomes a great time to build relationships."

Industrial construction over the past two years has added more than 35 million square feet of space to the market, much of it empty speculative space. In addition, companies continue to consolidate their operations or go out of business. Over the past two years occupied industrial space has shrunk by more than 12 million square feet.

1 comment:

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