Construction Equipment

Inland Empire Developer Randall Lewis Predicts Growth in Coming Years

According to the Inland Valley Daily Bulletin, January 23, 2015, the head of one of Southern California’s largest development companies, predicted local economic growth in the coming year. Randall Lewis, executive vice president of the Lewis Group of Cos., at his State of the Inland Empire speech for the West End Real Estate Professionals Breakfast Meeting, said the Inland Empire economy has turned the corner. “We’re entering a period which should be steady growth but not explosive growth,” Lewis said. “The next three or four years will mean steady, good times, maybe not as much in the boom era, but it will protect us against big downturns.” In his review of 2014, Lewis said home sales were good at the beginning of the year, though it slowed down in the last three or four months, despite excellent interest rates and loan programs. Construction and land costs rose, though good parcels of land have been acquired by developers over the past year, he said. Apartments are a bright spot of the real estate industry. Occupancy and rents remained very strong for properties, he said. The industrial real estate market, which includes logistics facilities, remains extremely strong, Lewis said, with more new buildings and more jobs coming to the area. “Industrial will continue to remain strong because of all the attributes our area has with transportation and people,” said the president of a local commercial real estate brokerage firm. “Retail, especially in the restaurant and service sector, will continue to strengthen.” Lewis said land sales to builders were strong in the first part of 2014. The western end of the Inland Empire will be “one of the real growth areas of California in the next five years.” “This area will be one of the leaders in growth because of land availability, because of job growth and because of positive governmental cooperation,” Lewis said.

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