IE Business Daily Business news for the Inland Empire.
The Inland Empire’s industrial market continued to perform well during the third quarter, though several sectors did record minor drops during that time.
Average lease rates reached 51 cents during that three-month period, up an average of 10 cents year-over-year and higher than the peak years of 2007-08, according to data released recently by Voit Real Estate Services.
The report predicted that industrial lease rates will increase an average of four to six percent a year and will reach 54 cents per square foot by the end of next year’s second quarter.
On the downside, industrial vacancy was up slightly – 5.2 percent – compared with 4.9 percent during the second quarter, while sales and leasing totaled 13.5 million square feet, down from 16.7 million during the second quarter.
Notable industrial transactions during the third quarter included Floor & Decor Outlet of America’s lease of 1.1 million square feet in Moreno Valley, Walmart’s lease or 639,473 square feet in Fontana and Lularoe’s lease of 633,953 square feet in Fontana.
