Riverside-San Bernardino Multifamily Investment Forecast
Apartment and Industrial Sectors’ Strength a Bright Spot During Volatile Second Quarter; Suburbanization Expectations Prompt Investment Activity
Potential household and business shift to lower-density areas could aid region’s recovery. Following a stretch of population gains and commercial expansion, Riverside-San Bernardino’s economic growth hit a roadblock during the second quarter. Nonessential business closures and a reduction in consumer spending translated to widespread job cuts across the leisure and hospitality; and trade, transportation, and utilities sectors, industries that accounted for nearly 40 percent of the region’s pre-pandemic worker count. Still, the 141,000 total positions shed from April to June, and the coinciding 9.1 percent decline in employment base, ranked lowest among Southern California metros. This performance and the projected acceler-ation of household and business relocations to suburbs and areas of lower population density have the potential to hasten local economic resurgence and bolster demand for commercial real estate moving forward.