IE Business Daily Business news for the Inland Empire.
The Inland Empire retail market bounced back during the second quarter, recording 31,000 square feet in net absorption after 483,000 square feet of negative absorption during the second quarter, according to CBRE.
The west end – Ontario, Rancho Cucamonga, Corona – accounted for 400,000 square feet of that recovered space, CBRE reported.
Available space remained at 6.8 percent, an indication of the retail market becoming more stable after an unstable first quarter.
Only 77,000 square feet of retail space went online in the Inland region during the second quarter, down from the revised 93,000 square feet that was delivered during the first quarter.
Lease rates rose to an average of $1.77 per square foot during the second quarter, up five cents from the first quarter. That was the result of landlords regain control of prices in high-performing shopping centers, according to CBRE.
