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Markets · Ports · Logistics
Inland Empire industrial land: data center, port and air-cargo demand
The Inland Empire is the only major port-serving market with materially negative absorption, at minus 2,811,447 square feet year to date against 8.8% vacancy. Data as of Q2 2026. Asking rent fell 4.85% to $12.40 per square foot annually, while sales held at $191 per square foot and a 6.0% average cap rate.
Key takeaways
- Year-to-date net absorption is minus 2,811,447 square feet at 8.8% vacancy, the only major port-serving market materially negative (Q2 2026).
- Asking rent is $12.40 per square foot annually, or $0.98 per square foot per month net, down 4.85% from $1.03 (Q2 2026).
- Roughly 6.9 to 7.6 million square feet is under construction against only 296,000 square feet of Q2 deliveries.
- Average sale price is $191 per square foot at a 6.0% average cap rate (Q2 2026).
A quarterly brief on powered land, port capacity and air-cargo gateways, plus the Powered Land and Gateway Pricing Benchmarks data file.
- Dollar per megawatt and dollar per acre benchmarks by market, with the substation-distance and voltage premiums applied
- Every committed United States port capacity opening from 2026 through 2035, with cost, TEU and date
- Airport-adjacent rent premiums by gateway, and the constraint map that drives them
- The named project pipeline: site, megawatts, developer, power source, status
- Sources and periods for every cell. Nothing unattributed.
Inland Empire in numbers
| Metric | Value | Period |
|---|---|---|
| Industrial vacancy | 8.8% | Q2 2026 |
| Industrial net absorption, year to date | minus 2,811,447 sq ft | Q2 2026 |
| Industrial asking rent | $12.40 per sq ft annually, $0.98 per sq ft per month net, down 4.85% from $1.03 | Q2 2026 |
| Under construction | About 6.9 to 7.6 million sq ft, the largest pipeline in Southern California | Q2 2026 |
| Deliveries | 296,000 sq ft | Q2 2026 |
| Average sale price | $191 per sq ft | Q2 2026 |
| Average cap rate | 6.0% | Q2 2026 |
| Amazon Rialto portfolio | 1.47 million sq ft at $270 million, or $183.69 per sq ft | 2026 |
| Los Angeles and Long Beach volume | About 5.17 million TEU, up 10.9% | Q2 2026 |
What buyers are paying for here
Buyers here are paying for the recovery, not for the current rent roll. Average sale pricing of $191 per square foot at a 6.0% average cap rate is holding while asking rent has fallen 4.85% year on year, from $1.03 to $0.98 per square foot per month net.
The Amazon Rialto portfolio of 1.47 million square feet traded at $270 million, or $183.69 per square foot, which is the clearest institutional print in the market and sits close to the $191 average.
Supply is the counterweight. Roughly 6.9 to 7.6 million square feet is under construction, the largest pipeline of any Southern California submarket, against only 296,000 square feet of second-quarter deliveries, so the near-term rent path stays soft even as combined Los Angeles and Long Beach volume runs at about 5.17 million TEU in the second quarter, up 10.9%.
Apply the published substation-distance and service-voltage premiums to a parcel in Inland Empire with the powered land premium calculator.
What is under construction within 100 miles
Roughly 6.9 to 7.6 million square feet is under construction, the largest pipeline of any Southern California submarket.
Second-quarter deliveries were only 296,000 square feet, so the pipeline is still ahead of the market rather than in it.
On the demand side, combined Los Angeles and Long Beach volume reached about 5.17 million TEU in the second quarter, up 10.9%.
The Amazon Rialto portfolio of 1.47 million square feet traded at $270 million, or $183.69 per square foot.
The constraint
The constraint and the opportunity are the same number. Sale pricing is holding at a 6.0% cap while rents still fall year on year.
Investors are underwriting the recovery and occupiers are still getting concessions. That gap is the clearest arbitrage in American industrial real estate right now.
For a landowner it is the strongest argument on this site for testing the market. Minus 2,811,447 square feet of absorption has not moved sale pricing off $191 per square foot or the cap rate off 6.0%, which means the bid is being set by capital that has already looked past the vacancy print.
Who covers Inland Empire
Brad Cohen covers Inland Empire for Landside Partners. Send one parcel and he will return a written read on what it is worth against the demand above, using data as of Q2 2026.
No fee. One parcel. One page. Usually back within five business days.
A quarterly brief on powered land, port capacity and air-cargo gateways, plus the Powered Land and Gateway Pricing Benchmarks data file.
- Dollar per megawatt and dollar per acre benchmarks by market, with the substation-distance and voltage premiums applied
- Every committed United States port capacity opening from 2026 through 2035, with cost, TEU and date
- Airport-adjacent rent premiums by gateway, and the constraint map that drives them
- The named project pipeline: site, megawatts, developer, power source, status
- Sources and periods for every cell. Nothing unattributed.
This research was produced by Landside Partners, a commercial real estate research and advisory firm working with owners of industrial land across North America on data center, seaport and air-cargo demand. To have a specific parcel assessed, contact Brad Cohen at Landside Partners.
Related research
- Markets — Index of the twelve covered metros with each market's headline figure, Q2 2026.
- Northern Virginia industrial land — Northern Virginia: 0.2% data center vacancy against 4,496.5 MW of inventory, the largest in the world. Data as of Q2 2026.
- Dallas-Fort Worth industrial land — Dallas-Fort Worth: Ranked the number one global primary data center market, displacing Northern Virginia. Data as of Q2 2026.
- Atlanta industrial land — Atlanta: 2,882 MW under construction, up 52.3%, the most of any market in the country. Data as of Q2 2026.
- Columbus industrial land — Columbus: 0.1% data center vacancy and the number four global primary market. Data as of Q2 2026.
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