IE Business Daily Business news for the Inland Empire.
To no one’s surprise, the Inland Empire’s industrial market remained strong during the fourth quarter of last year.
The region’s industrial sector recorded a 3.3 percent vacancy rate and absorbed more than 8.5 million square feet of space during that time, according to data released Monday by Lee & Associates Commercial Real Estate Services.
Industrial space in Riverside and San Bernardino counties leased for an average of $5.98 a square foot during the last three months of 2015, and the region had an inventory of more than 473 million square feet when the year ended, Lee & Associates reported.
Lee & Associates maintains multiple offices in the Inland Empire, including one in the High Desert and several in the Coachella Valley. It’s quarterly industrial report divides the region into west and east and shows the west end with a lower vacancy rate – 1.56 percent compared with 5.09 percent – and a lower average rental rate, $5.27 a square foot compared with $6.69 a square foot.
