Inland office vacancy drops
A little more than 395,000 square feet of office space was absorbed in the Inland Empire during the first nine months of this year, according to data released this week.
That activity was divided almost equally between the east and west end, according to CBRE’s third-quarter report on the Inland office market.
During the third quarter, 157,062 square feet of office space was absorbed in Riverside and San Bernardino counties, enough to drive the vacancy rate down to 9.3 percent.
Average lease rates were $1.96 per square foot. That was an increase of three cents per square foot compared with the second quarter, and highest office rates for the Inland region during the past five years.
Once again, no office construction happened in the Inland Empire, the result of high construction costs and and a strong demand for smaller office space, CBRE reported.