IE Business Daily Business news for the Inland Empire.
The Inland Empire’s industrial sector continued to roar during the second quarter, with e-commerce and its accompanying big-box properties accounting for most of the onslaught.
Vacancy dropped to 3.3 percent, its lowest level in the current boom cycle, while net absorption rose to 4.7 million square feet, according to CBRE Group Inc.
Also, 27.6 million square feet of industrial space was under construction during the second quarter in Riverside and San Bernardino counties. Leasing rates were flat, 51 cents per square foot, compared to the first quarter, CBRE reported.
By the end of June, the Inland Empire had experienced 19.6 million square feet of gross industrial activity, a slight drop compared with the first six months of 2016 and 2015.
Net industrial absorption in the two-county region is expected to top 14.5 million square feet by the end of this year, according to CBRE.
