Riverside, CA - Office Market Overview
The Riverside real estate market includes the Arlington South, East Riverside, and the Sycamore Canyon - Canyon Springs commercial submarkets. With nearly 4.5 million residents, Riverside is also part of the larger Inland Empire. Located just 60 miles east of Los Angeles, a dynamic mix of business is attracted to the area due to Riverside's relatively low cost structures.
As of mid-2017, the Riverside office market encompasses over 3.1 million square feet of office space in buildings larger than 50,000 square feet. Light manufacturing, education and government all help to drive demand for Class A office space and commercial real estate in Riverside, CA.
Riverside, CA - Office Inventory Description
Riverside is the most populous city in California's Inland Empire. With a gross metropolitan product of $172 billion annually, there is an ever-present demand for white-collar Class A office space. Of the 3.1 million square feet of larger officer space, Class A product accounts for just over 45% of the total Riverside inventory, with Class B space adding another nearly 1.6 million square feet to the office market.
Some of the strongest demand for Class A office space in Riverside comes from the Downtown Riverside office submarket. Located just east of the Santa Ana River between State Route 60 and 14th Street, this area is home to investment-grade office buildings such as the Center Tower Riverside, the Riverside Metro Center, and the Riverbrock Medical Plaza office building on Brockton Avenue.
Riverside, CA Commercial Inventory Breakdown
Office Spaces
Total: 4,201,039 SF
By square footage range:
- 50k to 100k SF: 2,198,323 SF / 52.33% of total office
- 100k to 500k SF: 2,002,716 SF / 47.67% of total office
By class:
- Class A: 1,264,027 SF / 30.09% of total office
- Class B: 2,064,647 SF / 49.15% of total office
- Class C: 542,365 SF / 12.91% of total office
Riverside, CA - Green Office Space
The State of California is home to some of the largest cities with energy-efficient, green office space. A great example of a LEED-certified office building in Riverside is The Grove - Building 3. With nearly 55,000 square feet of green office space, this Class A office building was constructed in 2007, is located in the Hunter commercial real estate submarket of Riverside, and is the proud recipient of a LEED Green certification.
While Riverside isn't one of the largest office markets in California, the city does have its fair share of green office space. Nine percent of the office buildings in Riverside larger than 50,000 square feet are classified as “green”, with a total of over 255,000 square feet of energy-efficient office space on the Riverside commercial real estate market.
In 2017, the National Green Building Adoption Index looked at the top 30 U.S. office markets and discovered that the overall percentage of green office space has increased by about 33% since 2005. In that year, the percentage of energy-efficient buildings was less than 5%, while today the larger office buildings considered as green, LEED, or Energy Star certified number 38%.
Riverside, CA's Top Office-Using Sectors
The Riverside office market sees consistent demand for white-collar office space from a number of industries. Among the top office-using sectors in Riverside are the education, healthcare, government, and manufacturing & light industry businesses.
- Education – The University of California - Riverside, the Riverside Unified School District, and the Riverside Community College District are a few of the major employers and large users of office space in Riverside.
- Healthcare – Demand for white-collar office employment also comes from organizations such as Kaiser Permanente, Riverside Community Hospital, and Parkview Community Hospital.
- Government – The County of Riverside, the City of Riverside, and the Riverside County Office of Education also create consistent office space demand in Riverside.
- Manufacturing & Light Industry – Pepsi Cola Bottling Company, Flexsteel Industries, Luxfer, and Sierra Aluminum Company are some of the larger companies in this top office-using sector in Riverside.
Riverside Demographics
Population
- Total Population321,570
- Male Population(49.5 %) 159,154
- Female Population(50.5 %) 162,416
- Median Age31.30
Income/Financial
- Average Household Income$78,001
- Median Household Income$62,460
- Median Income Under 25$25,931
- Median Income 25-44$62,955
- Median Income 45-64$77,671
- Median Income Over 65$44,695
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