Brandon Sudweeks President
Eric Washle Senior Vice President
Mike Pizzagoni Senior Associate
Jessica Brittain
THE RIVERSIDE COUNTY LAND TEAM CBCLANDTEAM . COM
Brandon Sudweeks President
Eric Washle Senior Vice President
Mike Pizzagoni Senior Associate
Jessica Brittain
Marketing Director
The CBC Land Team is pleased to present to you our annual market report , covering all things residential , industrial , and commercial land in West Riverside County . In this report , we aim to provide you with the high-level points you should be aware of in relation to the commercial real estate market as a whole , while also diving deep into each sector of our market as it pertains to land , land values , and new development .
In our 2023 Market Report , we discussed the implications of a high-interest rate environment in commercial real estate which is still prevalent a year later and will continue to be for the foreseeable future despite inflation showing signs of easing as of midyear 2024 . In the West Riverside County market , we have seen the industrial market take the biggest hit since the Federal Reserve raised rates two years ago although we are bullish on the asset class considering the significant impact the region has on the global logistics and transportation industry . The retail market has rebounded considerably from the pandemic with availability rates down and new development at a substantial level with over six million square feet of space currently under construction . Consistent with most markets throughout the country , we are seeing record low levels of new construction in the office sector , however the region boasts the lowest vacancy rate of the nation ’ s top fifty largest markets which is a testament to the local workforce , small businesses , and its expanding health care industry . Despite initial hesitancy from developers and builders in the second half of 2022 and the beginning parts of 2023 , we are seeing a significant demand for residential entitlement opportunities , specifically for single-family home development . More on all of this in the following pages …
As land brokers that work exclusively in this region , we have the expertise and connections to best serve you in all your land acquisition and disposition needs . We hope you find this report to be both insightful and beneficial as a current or future commercial real estate stakeholder . Please reach out to our team with any questions .
LOCAL KNOWLEDGE , GLOBAL STRENGTH
2 | Coldwell Banker Commercial Land Team 2024 Riverside County Market Report