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Inland region can’t stop adding industrial space
The Inland Empire industrial market stayed hot in the second quarter, adding 9.7 million square feet of space during that time.
That continued a trend that began last year, when 22 million square feet of industrial space was added in Riverside and San Bernardino counties, according to data by Voit Real Estate Services.
Vacancy also continued to decline during the second quarter, to 4.3 percent, down from 5.1 percent in the first quarter and 4.6 percent year over year. To put that number in perspective, since the start of 2007, the average industrial vacancy rate in the Inland Empire has been 5.29 percent.
Net absorption in the second quarter was 5.7 million square feet, down from 6.6 million in the first quarter and 7.1 million in the second quarter of 2017.
Average lease rates were 58 cents per square foot, down three cents from the first quarter and six cents year over year, according to the data.