IE Business Daily Business news for the Inland Empire.
The Inland Empire posted strong retail numbers during the first quarter, bolstered by five shopping centers completing construction during that time.
Riverside and San Bernardino counties added 355,725 square feet of retail space during that time while absorbing nearly 20,000 square feet, according to CBRE.
Leases averaged $2.00 per square foot, relatively unchanged from first quarter of 2017. Retail rents were the highest on the west end and in south Riverside County, $2.69 and $3.38 per square foot, respectively.
Lease rates are expected to grow steadily in both counties during the next two years, CBRE predicted.
Retail vacancy was 8.3 percent, a slight year-over-year increase due mainly the new shopping centers that are trying to fill space, according to CBRE.
