IE Business Daily Business news for the Inland Empire.
As expected, the Inland Empire’s industrial market remained strong during the second quarter of 2014.
Industrial vacancy was 5.6 percent during that three-month period, down from 5.82 percent during the second quarter of 2013, according to Voit Real Estate Services’ second quarter report.
About 4.7 million square feet of construction was completed during the second quarter of 2014, and 16.2 million square feet was under construction at the end of the quarter, according to the quarterly report, which was released today.
Leasing prices were up seven cents year-over-year, from 36 cents last year to 44 cents this year, and lease rates are expected to rise during the remainder of the year.
On the downside, about 6.6 million square feet of industrial leases were completed during the second quarter, down from 7.7 million square in 2013. Sales were also down, from 6.2 million square feet to slightly more than 3.4 million square feet, during that time.
Those drops were probably caused by a lack of inventory in some size ranges, according to the report.
