IE Business Daily Business news for the Inland Empire.
The Inland Empire’s industrial market remained strong during the third quarter, as available space continued to drop and lease rates kept rising.
The two-county region recorded 7.2 million square feet of positive net absorption during that time, according to Voit Real Estate Service’s third quarter report on the industrial market in Riverside and San Bernardino counties.
More than 25 million square feet of industrial space was under construction at the end of the third quarter, with most of that consisting of buildings 500,000 square feet or larger, the so-called “big box” product.
Overall, more than 36.2 million square feet of new industrial space has come online in Riverside and San Bernardino counties since the first quarter of 2014, and more than 94 million square feet of space is currently planned for future development.
Average lease rates were 46 cents a square foot, up four cents from the second quarter and up three cents year-over-year, according to Voit.
