The Inland Empire continues to grow
Southern California is one of the most popular places to live in the United States. Historically, people have been attracted to the area for many reasons, including the beautiful landscapes, thriving job market, and ideal weather. This fact is perhaps no more obvious than in the city of Los Angeles, where, as of the last census in 2010, the official population was reported to be four million people.
One of the downsides of this type of population growth, though, is that home prices get driven up, and the competition for jobs becomes more difficult. There is one area of Southern California that has not reached this level of growth, the Inland Empire, a growing community, located approximately 60 miles to the east of L.A.
What was originally an agricultural area is now home to major cities such as Riverside, Ontario, and San Bernardino. Over the past 50 years, people have been migrating away from the pricey coastal cities to the Inland Empire in search of affordable housing. The population growth and available land has also led to more residential, commercial, and industrial development.
Wage growth will bring more residents and commerce
Home prices in the Inland Empire still remain relatively affordable in comparison with the rest of the greater Los Angeles area. On top of that, there is an ever-expanding job market as companies are attracted into the area for similar reasons.
For businesses like those in the healthcare field, looking to relocate or expand, the population growth is a positive factor as is the availability of open space, something that is sparse in this part of the state. Industries, such as logistics, that need room for warehousing can find undeveloped land in the area and available commercial space on the rental market.
Preparing for the future
The growth in the Inland Empire has created a red hot residential as well as commercial real estate market. Many folks are investing in these businesses while there is still a good profit to be realized.
To ensure success, however, it’s vital that you work with a commercial real estate accounting firm that has CPA’s on staff with specific experience in this field in order to fulfill all of the industry requirements like financial reporting, preparation of tax forms, audits and cash flow, and projection analysis.
The experts at GYL have extensive knowledge in managing the finance and accounting needs in the commercial real estate business. In addition, we know the community and have relationships with many of the companies and individuals within it. Call or click on the website today to learn more about how we can help you keep your investments on track.