IE Business Daily Business news for the Inland Empire.
The Inland Empire office market absorbed 60,548 square feet of space during the third quarter, enough to drop the region’s vacancy rate half a point, to eight percent.
Most of that space was added in Riverside, where 26,503 square feet was added during the quarter that ended Sept. 30, according to CBRE.
Lease rates fell one cent between the second and third quarter, to $2.06 per square foot. No office construction was reported during that time.
The availability rate dropped 50 base points, to 13 percent, quarter-over-quarter. Most of the office space that was leased was in healthcare, law offices and engineering.
“The third quarter of 2023 was positive on a variety of metrics for the Inland Empire office market,” the report states. “The Inland office market continued its trend of leasing from tenants in legal, government, and healthcare industries, with increased demand from family services and childcare facilities.”
With low vacancy and five consecutive quarters of positive absorption, the Inland Empire office market remains one of the strongest in the country, the report states.
