IE Business Daily Business news for the Inland Empire.
The Inland Empire office market finished 2024 on a relatively strong note, with stable vacancy, positive net absorption and a steady average lease rate.
Vacancy in Riverside and San Bernardino counties during the last three months of 2024 was 7.9 percent, essentially unchanged from the third quarter, according to CBRE.
Net absorption was a respectable 17,111 square feet, the sixth consecutive quarter the region has recorded positive net absorption. And, while there was no construction, lease rates were $2.06 per square foot, unchanged from the third quarter.
Ontario saw the largest amount of space absorbed – 1,286 square feet while Chino Hills lost the most office space: 13,512 square feet of negative net absorption.
“Industries that need to be in the office such as insurance, government, healthcare, and legal services paved the way for continued leasing from national and local companies, and landlords and tenants worked with one another to find creative ways to build out space and help bring employees back into the office,” the report states.
