With many employers unable to find workers, teens could be valuable for routine chores such as answering phones or making photocopies. Bureau of Labor Statistics data, found that 1,388,000 teens got jobs last summer, 7.8 percent more than in 2017. There should be enough opportunities this year to raise that to as high as 40 percent. Only 35 percent of teens between the ages of 16 and 19 worked summer jobs in 2018, according to executive search firm Challenger, Gray & Christmas. The tight job market for everyone could create an advantage for teens who want to spend the summer pocketing some cash, according to a recent study. “But the input I’m getting now from our brokers is that the demand is still there.” Summer jobs could be plentiful “The vacancy rate could go up a little bit,” Payan said in an interview. According to NKF’s report, the vacancy rate in the logistics-heavy cities west of Interstate 15, including Ontario, Eastvale, and Chino, is a very low 2 percent.ĭain Fedora, director of research for NKF, has been crunching commercial real estate data for about 17 years and said that between 20, the solid economic stretch before the recession, the vacancy rate got as low as 6.1 percent. Industrial space also refers to structures used by other businesses, including manufacturers, but the majority of these buildings in the Inland area are being used for logistics operations. “A vacancy rate of under 5 percent is pretty exceptional, especially with so many new buildings coming online,” said Caroline Payan, director of marketing and research for Lee & Associates’ Riverside office.
NKF’s quarterly report placed the industrial vacancy rate for Riverside and San Bernardino counties at 3.5 percent, with users especially hungry for warehouse space in areas closer to Southern California’s ports. Lee & Associates reports 4.7 percent of Inland space was available, down from 5.5 percent in the fourth quarter of 2018. Lee & Associates and Newmark Knight Frank both put the vacancy rate for industrial space below 5 percent. Despite the construction of new warehouses in the Inland Empire, vacant industrial space continues to be hard to find, according to two first-quarter reports from commercial property brokers.
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