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5/16/17
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As more and more west coast residents are moving east, to the Inland Empire, employers, namely in the office sector, are now reaping the benefits. A new report from CBRE suggests that the region could be the next untapped frontier for office users.
With an abundance of available space, low lease rates, low housing costs, and a steadily rising population, the IE’s job growth has consistently climbed since the end of the Great Recession at an average annual growth rate of 2.4% From 2010 to 2016, the Riverside-San Bernardino-Ontario metro area gained approximately 250,586 new residents at a consistent average growth rate of about 1% per year
Population and office employment growth in the IE are intrinsically linked; as new blood is pumped into the area civil, medical, and educational services must expand in order to meet the rising demand. Education and health service sectors were unfazed by the economic downturn and grew at a steady clip of 4% yearly from 2010 to 2016. Government services, which did take a slight hit post-recession, quickly rebounded and continues to climb at an average rate of 1% yearly, in line with the rising population.
The IE is quickly becoming an attractive untapped frontier for new home owners and office users looking to settle in Southern California without breaking the bank. If the ever-climbing population and consistent job growth are any indication, it would seem that the IE’s potential is very strong.
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