Ontario, CA (May 13, 2021) — Newmark Knight Frank (“Newmark”) announces it has negotiated a 203,408-square-foot lease at California Commerce Center in Ontario, California.
Newmark’s Executive Managing Directors Ron Washle, SIOR and Mark Kegans, SIOR represented the landlord Principal Real Estate Investors. The tenant was Banyan Imports, represented by NAI Capital.
The building, located at 3551 E. Philadelphia Street, features 4,780 square feet of total office space, 29 dock high doors, one ground level door with a truck ramp, 30-foot clear height, an ESFR sprinkler system, a large concrete truck court and a secure gated yard.
“We were pleased to have pre-leased this building while the former tenant was still occupying the space, avoiding any vacancy for the landlord,” said Washle. “We were also successful in achieving a substantially higher rental rate.”
The Inland Empire industrial vacancy rate hit a record low in the first quarter with robust leasing activity from the last nine months of 2020 carrying over into 2021, according to Newmark Research. Construction activity was up 36.2 percent from year-end 2020, and quarterly net absorption was substantially higher than the 20-year average of 4.0 million square feet.
With the post-pandemic labor market recovery and swift growth of e-commerce sales, the forecast for a big-box logistics corridor like the Inland Empire is highly bullish, according to Newmark Research.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion.
