IE Business Daily Business news for the Inland Empire.
The Inland Empire industrial market turned in a solid third quarter, with little vacancy and a big jump in leased space.
Total vacancy at the end of the quarter was 1.3 percent, unchanged from the second quarter, Avison Young reported.
At the same time, leasing of industrial space in Riverside and San Bernardino counties totaled 10.4 million square feet, a 78 percent quarter-over-quarter increase. Lease rates averaged $1.70 a square foot, while the average sale price for industrial space was $298.26 per square foot.
Thirty-eight million square feet of industrial space – 243 properties – was under construction during the third quarter, and four buildings of at least one million square feet were pre-leased, Alison Young reported.
