Ontario Airport Market Hot
The Ontario airport submarket is the place to be in the Inland Empire, says Guthrie Development Co CEO Rob Guthrie (snapped with colleagues Ryan Guthrie, left, and Gary Guzman, right). Recently the company snapped up the 221k SF Airport Distribution Center, an industrial park at 1500, 1550, and 1590 Milliken Ave in Ontario. Consumer spending will increase through 2015 and beyond as there’s job growth, and as disposable income rises, then demand for warehouse space should follow, Rob tells us.
So far, the recovery has been a “top down," with large corporations and large buildings leading the way, Rob adds. Now there’s still a lot of room for recovery in the smaller industrial-size ranges. Developed in 2000, Airport Distribution Center is currently 93% leased. CBRE’s Barbara Emmons, Darla Longo, and Michael Kendall repped the seller, Panattoni Development.