The New Industrial: Distribution + Office

globest         IRVINE, CA—Tenants are seeking multi-functional space that has both a distribution and an office component, and as such, amenities will be even more important for industrial users, Unire Real Estate Group’s director of client services Griffin Cogorno tells GlobeSt.com. As industrial vacancy becomes ever tighter in the Southern California market, we spoke exclusively with Cogorno about industrial leasing trends and the creative-industrial craze that is growing in this sector. GlobeSt.com: Which regions of Southern California saw the greatest amount of industrial leasing in 2015? Cogorno: This is a tough question, since all of Southern California was hyper-competitive in 2015. The Inland Empire and port cities saw vacancy go to record lows as demand continued to outpace supply. GlobeSt.com: What types of amenities are tenants seeking in creative-industrial space? Cogorno: Tenants are seeking space that can act as a distribution as well as office. We recently completed a redevelopment in Torrance and pre-leased the entire 200,000-square-foot space to two tenants prior to completion. Both tenants were drawn to the asset’s location, amenities, new collaborative-office layout and its increase in dock doors, which will assist with the movement of goods. We see redevelopment of existing assets into more functional space as a trend that will continue in 2016. GlobeSt.com: What else should our readers know about the industrial sector? Cogorno: Industrial remains a very steady asset class in Southern California. The ports of Long Beach and Los Angeles make up one of the busiest port regions in the world, which feed the largest industrial base in the world at almost two billion square feet. Clients and tenants want and need to be in Southern California. These property owners and tenants need to make sure to acquire a management group that has their best interests’ at mind, with local knowledge and ingrained expertise to aid in getting the best return on investment they can. Attention to detail is also important when looking for someone to manage a property, as well as an opportunity to work with the vendors, brokers and providers that ultimately satisfy the clients’ needs, regardless of the business affiliation. Click HERE for GlobeSt.

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