房地产 -2025年第四季度内陆帝国工业数据 Inland Empire Industrial Figures Q4 2025

CBRE

FIGURESIINLANDEMPIREINDUSTRIALIQ42025

constructiondwindles

▲71%

vacancyRate

(291KSF

SFNetAbsorption

2.4MSF

SFUnderconstruction

$1.03

PSF/MO/NNNAveragetakingLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.Vacancyratereferstotherateofvacantavailablespace.

FIGURE1:IEcoreAvailablespaceDistributionbysq.Ft.

MARKETOVERVIEW

Despitestrongleasingvolumeandfewerconstructionstartsin2025,theInlandEmpire(IE)industrialmarketendedtheyearonamixednoteasnetabsorptionturnednegativeforthesecondtimein2025.Aseasonaldipinleasingactivity,alongwithincreasedavailabilityanddevelopmentdeliveries,causedtheIEcore(IEEastandIEwest)leaseratestodecline$0.06quarter-over-quarterto$1.03NNNpersq.ft.permonthandvacancytorise40basispoints(bps)to7.1%.

TheIEEastexperienceda50bpsdecreaseinvacancyquarterove「quarterto8.5%,positive

absorptionof1.3millionsq.ft.,buta$0.11dropintakingleaseratesto$0.93NNNpersq.ft.permonth.AlthoughtheIEwestsawa140bpsincreaseinvacancyquarterove「quarterto6.0%

and1.6millionsq.ft.ofnegativeabsorption,takingleaseratesheldsteady,hoveringat$1.12NNNpersq.ft.permonth.

Developmentactivityreacheditslowestpointin15years.NonewprojectsbrokegroundintheIEcore,andtheunder-constructionpipelinecontractedto2.4millionsq.ft.inQ42025,a93.9%

declinefrompeakdevelopmentlevelsinQ22022when39.8millionsq.ft.wasunderway.

source:CBREResearch,Q42025.

FIGURES|INLANDEMPIRE|Q42025

2CBRERESEARCH©2026CBRE,INC.

EMPLOYMENT

TheIE'sunemploymentratedecreasedto5.9%inseptember2025,downfrom6.1%inAugust

2025,buthigherthanthe5.3%recordedinseptember2024.Thelocalunemploymentrate

remainedabovethestateandnationalaverages.california'sunemploymentratefellto5.6%,

andthenationalratefellto4.3%.However,whiletotalnonfarmemploymentincreasedby4,300betweenAugustandseptember2025,thetransportation,warehousing,andutilitiessectorlost900jobs.

LEASERATEANALYSIS

InQ42025,averagetakingleaseratesdroppedby$0.06,or5.5%,quarter-over-quarterto$1.03NNNpersq.ft.permonthintheIEcore.However,year-over-year,takingleaseratesfellby

11.2%from$1.16NNNpersq.ft.permonthinQ42024.Forthreeconsecutivequarters,theIE

westsawstablerates,hoveringaround$1.12NNNpersq.ft.permonthwhiletheIEEastsaw

ratesfall$0.11,or10.6%,quarterover-quarterto$0.93NNNpersq.ft.permonth.Thisisduetoactivityshiftingtocitiesfurtherinlandwhichcommandlowertakingleaserates.Acrossbothsubmarkets,the10,000-99,999sq.ft.sizerangeexperiencedthemostactivityandsawthe

highesttakingleaserates.

IncreasedcompetitionexacerbatedbyelevatedavailabilityintheIEEastmotivatedlandlordstoofferloweraskingratesorincreasedconcessionstosecurethenextdeal.Landlordswere

flexiblewithdealstructuresasoccupiersleveragedchallengingmarketconditionsintheirfavor.

SALESANALYSIS

Manyoccupiersoptedtocontroltheirlogisticoperationsbyfocusingonusersales,withnearly579,000sq.ft.ofindustrialspacetransactingacrosstheIEcoreinQ42025.Asinprevious

quarters,usersaleactivityfocusedonthesmallersizesegments,withroughly81%ofusersaletransactionsinvolvingbuildingswithinthe10,000-49,999sq.ft.sizerangeintheIEcore.

oneuser,AstronovicaLLC,orBaylandHealthadietarysupplementcompany-continueditsacquisitionofnewbuildingsintheIEwest,pickingupanadditional142,000sq.ft.inMontclair'soakmontMissionRamonaparkandpayingapremiumrangingfrom$340-$355persq.ft.inQ42025.sinceQ32025,thisuserhasboughtsixbuildingsinMontclair,totaling211,000sq.ft.

FIGURE2:unemploymentRate(%)

InlandEmpirecaliforniaunitedstates

FIGURE3:IEcoreAverageTakingLeaseRatebysubmarket($PSF/MO/NNN)uIEwestIEEast

FIGURES|INLANDEMPIRE|Q42025

3CBRERESEARCH©2026CBRE,INC.

DEVELOPMENT

DevelopmentactivitydeclinedintheIEcore,withonly2.4millionsq.ft.ofspaceunder

constructioninQ42025.whilenoprojectsbrokegroundinQ42025,5.3millionsq.ft.deliveredacrosstheIEcore,ofwhich79.2%,or4.2millionsq.ft.,deliveredvacant,includingFontana's

speedwaycommercecenterandontario'STheHub.ThepreleaseratefortheIEcorehit28.1%inQ42025whiletheIEoverallsawapreleaserateof67.8%,upfrom47.2%inQ32025.

VACANCY&AVAILABILITY

overallvacancyintheIEcorerose40bpsquarterove「quarterto7.1%inQ42025duetoa

seasonalslowinginleasingactivityandasurgeinvacantdeliveries.RisingvacancywastiedtotheIEwest,whereleasingactivitydeclined30%quarter-over-quarterandvacantdeliveries

totaled3.6millionsq.ft.,drivingvacancyup140bpsto6.0%.Incontrast,theIEEastsawa50

bpsdeclineinvacancyto8.5%asleasingactivityincreased13%andonly578,000sq.ft.of

spacedeliveredvacantinQ42025.IntheIENorth,vacancyroseby320bpsto12.8%.AcrosstheentireIE,thevacancyraterose50bpsquarter-over-quarterto7.3%inQ42025.

ElevatedavailabilitypersistedastheIEEastandIEwesteachhadover35millionsq.ft.of

spaceavailable,withanadditional3.6millionsq.ft.intheIENorth.subleaseavailabilityfellfrom16.8millionsq.ft.inQ32025to16.1millionsq.ft.inQ42025,amidincreasedsubleaseactivity

andspacewithdrawals.

NETABSORPTION&LEASINGACTIVITY

TheIEcoreexperiencednegativeabsorptionof291,000sq.ft.inQ42025,drivenbymove-outsinthe250,000449,999sq.ft.and500,000sq.ft.andabovesizeranges,whilethe10,000

99,999sq.ft.and100,000-249,999sq.ft.buildingsizerangessawpositiveabsorption.TheIENorthhadonelargemove-outasGoodyearvacatedan828,000sq.ft.buildinginvictorville.overall,theentireIEendedwith1.1millionsq.ft.ofnegativeabsorption.

NewleasingactivityintheIEcorefell13.8%quarter-over-quarterto9.5millionsq.ftinQ42025,ofwhich9.6%,or909,000sq.ft.,wassubleased.LeasingactivitywasevenlydistributedacrosstheIEwestandIEEast,with4.9millionsq.ft.and4.6millionsq,.ft.leased,respectively.

FIGURE4:IEcoreAvailabilityRate(%)

IEEast——IEwestoverall

FIGURE5:IEcoreGrossActivity(MSF)

IEEastIEwestRolling4QAvg

FIGURES|INLANDEMPIRE|Q42025

4CBRERESEARCH©2026CBRE,INC.

MARKETOUTLOOK

Theu.s.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAl'ssizablecontributionto

growthinrecentquarters.someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcredit

marketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.

consumerconfidenceremainsweak,withspendingreportedly

drivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDpgrowthwillbesteadyin

2026,at2%,butatouchsofterthanin2025.Akeycatalystisa

softerlabormarket,ascompaniesare'slowtohire,slowtofire'atrendthatislikelytolastafewquarters.Aconsequenceofthis

outlookissofterinflationandlongtermbondyieldstrendingjustbelow4%byH22026.

TheIE'sindustrialmarkethasprovenresilientin2025,navigatingeconomicpressuresexacerbatedbyevolvingtariffpoliciesand

weakeningconsumersentiment.Despitethesechallenges,the

market'skeycompetitiveadvantagessuchastherecord-level

activityofthesanpedroportcomplex,accesstoothermarkets,andmostimportantly,affordabilitywithinsoutherncalifornia-willfueldemandfromoccupiersandinvestorsalike.Lookingaheadto2026,supplygrowthpressureonthemarketwillbelimited,with

occupiersturningtoavailablevacantspaceinstead·

FIGURE6:Marketstatistics

Q42025NetAbsorption(SF)

Q42025GrossActivity(SF)

constructionDeliveriesyTD(SF)

Avg.Taking LeaseRates($PSF/MO/NNN)

underconstruction(SF)

Availability(%)

Bldg.

sq.Ft.

vacancyRate(%)

submarket

InlandEmpireEast

314,286,883

8.5

11.9

1,345,009

4,781,230

729,862

6,131,449$0.93

InlandEmpirewest

361,144,959

6.0

10.8

(1,636,384)

5,298,619

1,659,169

5,393,190$1.12

InlandEmpirecore

675,431,842

7.1

11.3

(291,375)

10,079,849

2,389,031

11,524,609$1.03

InlandEmpireNorth

24,895,312

12.8

14.4

(791,035)

102,730

4,213,273

1,296,000$0.00

InlandEmpireTOTAL

700,327,154

7.3

11,4

(1,082,410)

10,182,579

6,602,304

12,820,609$1.03

source:CBREResearch,Q42025.FIGURE7:keyTransactions

occupier

Industrysector

Address

LocationTotalsq.Ft.

confidential

Manufacturing

10825productionAve,Fontana

IEwest754,392

RJW

Logistics

4323IndianAve,perris

IEEast656,695

koehlerInstrument*

Manufacturing

701ArrowheadAve,sanBernardino

IEEast592,710

HisenseusA

Manufacturing

22750cactusAve,Morenovalley

IEEast522,772

keurigGreenMountain*Manufacturing26875pioneerAve,RedlandsIEEast517,346

*IndicatesRenewal.source:CBREResearch,Q42025.FIGURE8:AvailabilityandTakingLeaseRate

5CBRERESEARCH©2026CBRE,INC.

FIGURESINLANDEMPIREINDUSTRIALIQ42025FIGURE1:IEcoreHistoricalGrossActivity(MSF)

FIGURE3:IEcoreHistoricalAvailability&subleaseAvailability

AvailabilitysFSubleaseAvailabilitysF

CBRE

FIGURE2:IEcorevacancyRate(%)

FIGURE4:IEcoreHistoricalAvailabilityRate(%)

uIEEastIEwest

50,000,00040,000,00030,000,00020,000,000

source:CBREResearch,Q42025.source:CBREResearch,Q42025.

FIGURES|INLANDEMPIRE|Q42025

6CBRERESEARCH©2026CBRE,INC.

FIGURE5:AnnualTEU's(#ofcontainers)

portofLOSAngelesportofLongBeach

25

15

10

5

0

sources:POLB.com,portofLOSAngeles.org,throughNovember2025.

FIGURE7:IEcoreunderconstruction(MSF)

source:CBREResearch,Q42025.

FIGURE6:MonthlyTotalTEUActivity(#ofcontainers)

uportofLOSAngelesuportofLongBeach

source:POLB.com,portofLOSAngeles.org,throughNovember2025.

FIGURE8:IEcoreHistoricalcompletedconstruction(MSF)

FIGURES|INLANDEMPIRE|Q42025

7CBRERESEARCH©2026CBRE,INC.

FIGURE9:IndustrialMarketstatisticsbycity

CITY

BLDG,COUNT

BLDG

SQ,FT,

VACANCYRATE

AVAILSQ.FT,

AVAILRATE

SQFTSOLD

NO.

LEASES

SQ.FT.LEASED

Q42025

GROSS

ACTIVITY

2025GROSSACTIVITY

Q42025NET

ABSORP,

2025NETABSORP,

AVG

TAKINGLEASE

RATE(NNN)

Banning/Beaumont

6310,525,613

9.51,600,000

15.2

oooooo1,017,845$0.00

colton

1249,375,462

oo626,132

6.71,157,593

o2457,190457,1901,195,05910,000561,044$0.86

corona/Norco

71433,866,605

oo1,427,165

4.22,068,616

45,31810447,976493,2941,653,307215,968577,761$1.14

Morenovalley

m33,781,823

132,5103,043,322

9.04,023,194

o2626,742626,742974,490(129,598)(860,220)$0.87

perris

17643,973,024

oo5,363,724

12.27,549,004

o51,288,2751,288,2754,320,7681,276,0103,361,866$0.80

Redlands/LomaLinda

18731,027,224

oo3,429,746

1.13,656,252

o4402,483402,4831,697,662266,603(619,468)$0.89

Rialto/Bloomington

25043,860,421

2510,9713,226,688

7.45,685,449

o2412,760412,7602,675,403(328,691)1,244,003$0.98

Riverside

79161,554,205

4188,3813,785,848

6.25,770,346

9.4

62,693354,867417,5602,998,665(95,948)(449,300)$0.95

sanBernardino

41046,322,506

oo4,711,954

10.25,981,731

12.9

2

54,0434628,883682,9263,713,373130,665(944,656)$0.78

InlandEmpireEast

2,826314,286,506

7729,86226,614,579

8.537,492,185

162,054404,619,1764,781,23019,228,7271,345,0093,888,875$0.93

chino/chinoHills

65557,047,202

oo1,089,469

1.93,777,800

116,21013454,119570,3295,109,97885,295584,195$1.22

Fontana

60380,695,943

5593,4655,307,664

6.68,980,495

10,5002795,679806,1794,429,976(953,776)533,126$1.03

Jurupavalley/Eastvale

30448,842,582

oo3,556,103

7.38,040,541

133,8636269,470403,6031,595,759(848,033)(852,466)$1.04

ontario/Montclair/upland

1,275130,135,662

5914,2498,780,681

6.712,999,280

5

156,263372,188,8062,345,06912,156,990226,3063,288,922$1.16

Ranchocucamonga60844,423,5701151,4552,841,7646.45,047,23311.4oo131,173,4391,173,4393,112,586(146,176)(705,168)$0.92

InlandEmpirewest3,445361,144,959

1,659,16921,575,681

6.038,845,349

416,836714,881,7835,298,61926,405,289(1,636,384)2,848,609$1.12

INLANDEMPIRECORE6,271675,431,842

182,389,03148,190,260

7.176,337,534

578,8909,500,95910,079,84945,634,016(291,375)6,737,484$1.03

Adelanto

4,242,550

oo212,600

5.0280,763

89,850oo89,850148,95049,90047,900$0.00

Applevalley

243,264,688

11,207,1351,348,140

41.31,348,140

oooo12,500oo$0.00

Barstow

15574,262

oo105,134

18.3105,134

18.3

oooooo(105,134)$0.00

Hesperia

705,367,270

23,006,138167,418

3.1167,418

3.1

oooo1,037,962o1,037,962$0.00

victorville

11,446,542

oo1,344,127

1.71,680,127

14,7

o112,88012,88036,580(838,935)478,059$0.00

InlandEmpireNorth

29124,895,312

34,213,2733,177,419

12.83,581,582

89,850112,880102,7301,235,992(791,035)1,458,787$0.00

INLANDEMPIRE+IEN

6,562700,327,154

216,602,30451,367,679

7.3

668,7401129,513,83910,182,57946,870,008(1,082,410)8,196,271$1.03

source:CBREResearch,Q42025.

FIGURES|INLANDEMPIRE|Q42025

8CBRERESEARCH©2026CBRE,INC.

FIGURES|INLANDEMPIRE|Q42025

MarketAreaoverview

Definitions

Availablesq.Ft.:spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.Availability

Rate:TotalAvailablesq.Ft.dividedbythetotalBuildingArea.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,typicallytakenatthe"dripline"ofthebuilding.GrossActivity:Allusersales,preleased,andnewleasetransactions

completedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactionsandleaserenewals.GrossLease

Rate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,andmajormaintenance.NetAbsorption:The

changeinvacantavailablesq.ft.fromoneperiodtothenext.occupiedsq.Ft.:BuildingAreanotconsideredvacant.vacancyRate:vaca