In the News—Week of April 11, 2022

Inland Southern California has almost no industrial space available 

The area of Southern California known as the Inland Empire is virtually out of available industrial space, The Real Deal reports. Pre-leasing has become the norm for warehouse, manufacturing and distribution space — at around 0.6%, according to Newmark. The area includes the intersection of Interstate 10 and Interstate 15 and the Ontario airport. Ontario handles much of the freight going in and out of the region. Average monthly asking rents for industrial properties in the Inland Empire were $1.03 per square foot in the first quarter, 41% higher than the year before. 

$500M grant announced to make schools more energy efficient  

The Biden administration has announced a $500 million grant program to improve energy efficiency in public schools, The Hill reports. The program is funded through the infrastructure law. “Public K-12 districts spend roughly $8 billion a year on energy bills, meaning energy efficiency improvements to HVAC systems, lighting, insulation and other energy upgrades can unlock significant savings to go toward student learning and success,” a senior administration official said on a call with reporters. 

Office leasing in Houston’s Energy Corridor is beginning to pick up

The Florida real estate investment firm Accesso Partners is updating its Houston office portfolio and says leasing momentum is picking up momentum in the Energy Corridor, the Houston Chronicle reports. Accesso recently landed a 21,000-square-foot lease with Smith Seckman Reid, an engineering consulting firm. Smith Seckman Reid is relocating its Houston offices from 3700 W. Sam Houston Parkway in Westchase. “We’re starting to see some pent-up demand from these last couple of years of very minimal activity,” says Mike Adams, managing director, southern region for Accesso. “No one was really doing anything unless they absolutely had to. We are starting to see some signs of life, especially in the Energy Corridor.”