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Commercial Property in Riverside County
With the overall Southern California real estate market shows signs of decline, what are some specific factors impacting commercial property in Riverside County?
On the positive side, investing in commercial property in Riverside County, given the revitalization and development occurring there, may be a viable real estate repositioning strategy. On the negative side, it has been as picked over as any other market in California. Let's look more closely at this area.
Riverside County, situated just outside and to the east of Los Angeles, is often referred to as part of the "Inland Empire". Many people came here initially to move away from congested and overcrowded Los Angeles city centers. They were also looing for less expensive property values. As a result, Riverside County has received a flow of artists, crafts people, students, and millions of commuting workers looking for more affordable housing with open arms.
The city of Riverside, in particular, has devoted lots of dollars and energy into rejuvenation projects to attract more people. Continued investment in a unique urban forest and attempts at historic preservation of architectural styles, as well as continued development of its infrastructure makes Riverside an attractive place for many people. Aggressive homeownership strategies, and a network of 26 civic-minded and highly involved neighborhoods are other reasons why Riverside County is considered a community of choice by its residents, students, and visitors alike.
Businesses have also been recipients of advantageous tax-credit and rebate incentives and low-interest loans offered in Riverside County's five redevelopment project areas, two State Enterprise Zones, the only federallyñdesignated Empowerment Zone west of the Rocky Mountains, and two Recycling Market Development Zones. The Agua Mansa Enterprise Zone, located just ten miles east of Ontario International Airport and the Coachella Valley Enterprise Zone, which extends from Indio and Coachella, have incentives for new businesses that range from state tax credits for employees hired to up-front expensing of certain depreciable property.
Whether it has been these attempts to bring in more residents or business through these incentives, or just the general real estate market craziness, there has been a lot of appreciation in this area already. Indeed, it does seem that most of this market has been picked over leaving few, if any, valuable properties for investors looking at commercial property in Riverside County. You may be able to find a few hidden gems in the above mentioned redevelopment areas, but mostly it appears the intrinsic value in this market has been exhausted.
In summary, while Riverside boasts a county government that is business-friendly and a location that is central to all Southern California markets, the same overall negative trends impacting real estate values is occurring here as with other California markets. So, if you want to diversify your portfolio by investing in commercial property in Riverside County, for at least the short-term you many need to think again.
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