Recession-proof? Is the greater Ontario market "recession proof?" Those were the exact words used to describe the market -- including Ontario, Rancho Cucamonga, Fontana and Mira Loma -- in the Casden Real Estate Economics Forecast released Dec. 5 at the University of Southern California. The study, which used data by Grubb & Ellis Co. to predict office and industrial growth in Southern California, indicated demand for warehouse and industrial space will continue to grow during 2003, which will be good news for Ontario. "When you have a national recession, you usually see a slowdown in the submarkets, but we haven't seen that in Ontario," said Raphael Bostic, a professor of economics at the university who helped compile the report. "You're going to see more and more interest in that market. It's only going to get stronger." But the report may be guilty of hyperbole when it claims the west end of the Inland Empire is immune from the ebb and flow of a market economy, said Mary Sullivan, who was in charge of gathering the data for Grubb & Ellis. "It's a strong market, but I don't think any market is recession proof," Sullivan said. "They're doing an overview of the Southern California market and, compared to other submarkets, Ontario probably performs better. But you should never stick your tongue out, because the next thing you know someone will be burying you. "
December 16, 2002